Question

Great Adventures Problem AP11-1 The Income statement, balance sheets, and additional Information for Great Adventures, Inc., are provided below. $170,600 GREAT ADVENTURES, INC. Income statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $38,800 Operating expenses 55,060 Depreciation expense 17,7ee Interest expense 7,533 Income tax expense 14,800 Total expenses Net income 133,893 $ 36,707 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 62,520 Assets Current assets: Cash Accounts receivable Inventory other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 203,476 48,140 7,60e 960 $ 140,956 48,149 7,6ee 3,780 (I) (1) (I) (D) 560, eee 818,000 68,180 (25,850) $1,680,506 43,000 (8150) $104,150 560,000 818,eee 25,180 17,7ee (1) (I) (I) (I) $ $ 20,520 (I) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable other current liabilities Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 23,440 780 14,800 22,800 583,749 2,920 780 14,06e 748 22,8ee 553, 149 (I) (I) (I) 30,600 20,000 126,000 958, 600 58,337 (108,000) $1,680,506 33.250 106,000 (1) 958,600 (1) 24,587 (1) (108,000) (I) $184,150

Answer 1

Great Adventures inc
Statement of cash flow
for the year ended december 31,2022
Cash flows from Operating activities
Net income for the year					36,707
Adjustments to reconcile net income to net cash
flows from operating activities
Depreciation expense					17,700
increase in accounts receivable					-48,140
increase in inventory					-7,600
decrease in current assets					3,780
increase in accounts payable					20,520
increase in income taxes payable					740
increase in other current liabilities					22,800
net cash provided by operating activities						46,507
cash flows from investing activities
purchase of building					-818,000
purchase of equipment					-25,180
net cash used by operating activities						-843,180
Cash flows from financing activities
issued common stock					1,060,000
reissued treasury stock					87400
payment of dividends					-12120
purchased treasury stock					-190,800
repayment of notes payable					-6851
net cash provided by financing activities						937,629
net increase in cash						140,956
cash at the beginning of the year						62520
cash at year end						203,476
note:	Non cash activities
purchase of land by issuing notes payable					560,000