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The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided b $166,380 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $38,600 Operating expenses 52,620 Depreciation expense 17,400 Interest expense 7,034 Income tax expense 15,280 Total expenses Net income 130,934 $ 35, 446 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 $ 65,200 0 $ 188,204 47,780 7,200 920 $123,004 (I) 47,780 (I) 7,200 (I) 3,660 (D) 4,580 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 520,000 806,000 64,060 (25,450) $1,608,714 0 41,000 (8,050) $102,050 520,000 (1) 806,000 (1) 23,060 (1) 17,400 (1) $ $ 18,160 (I) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current and long-term) 21,000 760 15, 280 21,600 543,838 $ 2,840 760 14,020 1,260 (1) 21,600 (I) 513,638 (I) 30,200 543,838 30,200 513,638 (I) Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 122,000 922,200 58,036 (96,000) $1,608,714 20,000 0 33,550 102,000 (1) 922,200 (1) 24,486 (I) (96,000) (I) $102,050 Additional Information for 2022: 1. Land of $520,000 was obtained by issuing a note payable to the seller. 2. Buildings of $806,000 and equipment of $23,060 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $6,362. 4. Issued common stock for $1,020,000. 5. Purchased 10,200 shares of treasury stock for $16 per share. 5. Sold 4,200 shares of treasury stock at $17 per share. 7. Declared and paid a cash dividend of $12,320. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net income 38,741 Adjustments to reconcile net income to net cash flows from operating activities: $ 38,741 Net cash flow from operating activities Cash Flows from Investing Activities 0 Net cash flow from investing activities Cash Flows from Financing Activities Cash Flows from Financing Activities Net cash flows from financing activities 0 38,741 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 38,741 Decrease in accounts payable Decrease in accounts receivable Decrease in income tax payable Decrease in inventory Decrease in other current assets Depreciation expense Increase in accounts payable Increase in accounts receivable Increase in income tax payable Increase in inventory Increase in other current assets Increase in other current liabilities Issued common stock Issued notes payable a Payment of dividends Purchase land issuing a note payable Purchase of buildings Purchase of equipment Purchase of land Purchase of equipment Purchase of land Purchased treasury stock Repayment of notes payable Sale of treasury stock
