The income statement, balance sheets, and additional information for Great Adventures, Incorporated, are provided below...

60.1K

Verified Solution

Question

Accounting

The income statement, balance sheets, and additional information for Great Adventures, Incorporated, are provided below $168,490 GREAT ADVENTURES, INCORPORATED Income Statement For the Year Ended December 31, 2025 Net revenues: Expenses: Cost of goods sold$38,700 Operating expenses 53,840 Depreciation expense 17,550 Interest expense 7,284 Income tax expense 14,700 Total expenses Net income 132,074 36,416 GREAT ADVENTURES, INCORPORATED Balance Sheets December 31, 2025 and 2024 Increase () or Decrease () 2025 2024 195,840 63,180 47,960 7,400 9404,660 132,660 () 47,968 ) 7,400 () 3,720 () Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 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 540,000 812,000 66,120 ( 25,650) $ 1,644,610 42,000 ( 8,100) $ 103,100 540,000 () 812,000 () 24,128 ) 17,550 () 19,688 ()$ 22,560 770 14,700 22,200 563,794 2,880 770 14,040 30,400 660 () 22,200 () 533,394 () 124,00020.000104.000 ()
Using the income statement, balance sheets, and the additonal information, please help me prepare the statement of cash flows hsing the indirect method.
image
image
image
image
\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} GREAT ADVENTURES, INCORPORATED \\ Income Statement \\ For the Year Ended December 31, 2025 \end{tabular}} \\ \hline Net revenues: & & $168,490 \\ \hline \multicolumn{3}{|l|}{ Expenses: } \\ \hline Cost of goods sold & $38,700 & \\ \hline Operating expenses & 53,840 & \\ \hline Depreciation expense & 17,550 & \\ \hline Interest expense & 7,284 & \\ \hline Income tax expense & 14,700 & \\ \hline Total expenses & & 132,074 \\ \hline Net income & & $36,416 \\ \hline \end{tabular} 1. Land of $540,000 was obtained by issuing a note payable to the seller. 2. Buildings of $812,000 and equipment of $24,120 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $6,606. 4. Issued common stock for $1,040,000. 5. Purchased 10,400 shares of treasury stock for $17 per share. 6. Sold 4,400 shares of treasury stock at $18 per share. 7. Declared and paid a cash dividend of $11,880. \begin{tabular}{l} GREAT ADVENTURES, INCORPORATED \\ Statement of Cash Flows \\ For the Year Ended December 31, 2025 \\ \hline Cash Flows from Operating Activities \\ \hline \begin{tabular}{l} Adjustments to reconcile net income to net cash \\ flows from operating activities: \end{tabular} \\ \hline \\ \hline \\ \hline \\ \hline Cash Flows from Financing Activities \\ \hline Net cash flow from operating activities \\ \hline \end{tabular} Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students