1 answer

All of this is the same question its just long so i had to take the...

Question:


The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $174,820 GRE
Additional Information for 2022: 1. Land of $600,000 was obtained by issuing a note payable to the seller. 2. Buildings of $8
All of this is the same question its just long so i had to take the screenshot in parts.
Some I got right and others I got wrong. I cant see where I went wrong or if im missing anything. plz help. thanks
Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $174,820 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $39,000 Operating expenses 57,500 Depreciation expense 18,000 Interest expense 8,032 Income tax expense 15,000 Total expenses Net income 137,532 $ 37,288 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ Assets Current assetst Cash Accounts receivable Inventory Other current assets Long-term assets Land Buildings Equipment Accumulated depreciation Total assets 218,748 48,500 8,000 1,000 $ 61,200 0 D 4,900 $ 157,548 (I) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (I) 830,000 (1) 27,300 (1) 18,000 (1) 600,000 830,000 72,300 (26,250) $1,752,298 0 0 45,000 (3.250) $106,250 $ $ 22,200 (1) 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 25,200 800 15,000 24,000 623, 660 $3,000 800 14,100 0 31,000 900 (I) 24,000 (I) 592,660 (I) 20,000 130,000 995,000 58,638 (120,000) $1,752,298 33,950 D $106,250 110,000 (1) 995,000 (I) 24,688 (1) (120,000) (1) Adelantan DA
Additional Information for 2022: 1. Land of $600,000 was obtained by issuing a note payable to the seller. 2. Buildings of $830,000 and equipment of $27,300 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,340. 4/Issued common stock for $1,100,000. 5. Purchased 11,000 shares of treasury stock for $20 per share. 6. Sold 5,000 shares of treasury stock at $21 per share. 7. Declared and paid a cash dividend of $12,600.
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.) Answer is not complete. GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net income 52,288 X Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense 18,000 Increase in accounts receivable (48,500) Increase in inventory (8,000) Increase in accounts payable 22 200 Increase in income tax payable 14,100% Increase in other current liabilities 24,000 Decrease in other current assets 3,900 SSSSSS $ 77,988 Net cash flow from operating activities Cash Flows from Investing Activities Purchase of buildings Purchase of equipment So (830,000) (27,300) (857,300) Net cash low from investing activities Cash Flows from Financing Activities Payment of dividends Repayment of notes payable Issued common stock Purchased treasury stock Sale of treasury stock SOOS (12.600) 17,340) 1.100,000 1220,000) 105.000 Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash of the end of the period Note: Noncash Activities 955,000 185,748 61.2000 $ 246.963 Next

Answers

Cash flows from Operating activities
Net income for the year 37,288
Adjustments to reconcile net income to net cash
flows from operating activities
Depreciation expense 18,000
increase in accounts receivable -48,500
increase in inventory -8,000
decrease in current assets 3,900
increase in accounts payable 22,200
increase in income taxes payable 900
increase in other current liabilities 24,000
net cash provided by operating activities 49,788
cash flows from investing activities
purchase of building -830,000
purchase of equipment -27,300
net cash used by operating activities -857,300
Cash flows from financing activities
issued common stock 1,100,000
reissued treasury stock 105000
payment of dividends -12600
purchased treasury stock -220,000
repayment of notes payable -7340
net cash provided by financing activities 965,060
net increase in cash 157,548
cash at the beginning of the year 61200
cash at year end 218,748
.

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