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Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc, are provided below. CREAT NOVITURES, THC Income Statement $170,600 Tor the year ended December 31, 2022 Net revenget Expenses Cost of goods sold $38,800 Operating expenses 55,060 Depreciation expense 17,700 Interest expense 7.533 Income tax expense 14.300 Total expenses Not income 133,393 5 36,707 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 and 2021 2022 2021 Increase (1) Decree 10) $ 62,520 0 $ 203,476 48,140 7.600 960 4,740 Lasota Current austo Cash Accounts receivable Inventory Other current assets Long-term aanta Land Buildings Equipment Accumulated depreciation Total Assets $140,956 ) 48.140) 7.600 (1) 3.780 (D) 560,000 (1) 18,000 25,100 (1) 17.700 (1) 560,000 818,000 68,180 125,850 51,680,506 0 43,000 10.150 5104,150 $ 20,520) 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 23,440 780 14,800 22,00 583,749 $ 2,920 780 14,060 0 30.600 740) 22,800 (1) 553, 149 (2) 126.000 958,600 50,337 (108,000 $1,680,506 20.000 D 33.250 106,000 958,500 24,557 (3) 100,000) Total abilities and stockholders' equity $100,150 Additional Information for 2022 1. Land of $560,000 was obtained by issuing a note payable to the seller. 2. Buildings of $818,000 and equipment of $25.180 were purchased using cash 3. Monthly payments during the year reduced notes payable by $6,851 4. Issued common stock for $1,060,000, 5 Purchased 10,600 shares of treasury stock for $18 per share. 6 Sold 4,600 shares of treasury stock at $19 per share 7 Declared and paid a cash dividend of $12,120. 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) Additional Information for 2022: 1 Land of $560,000 was obtained by issuing a note payable to the seller 2. Buildings of $818,000 and equipment of $25,180 were purchased using cash 3. Monthly payments during the year reduced notes payable by $6,851 4. Issued common stock for $1,060,000 5. Purchased 10,600 shares of treasury stock for $18 per share. 6. Sold 4,600 shares of treasury stock at $19 per share, 7. Declared and paid a cash dividend of $12,120. 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 Flow For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to nel cash flows from operating activities Nel cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from fnanong activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities

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