Don't provide answer in image format The Income statement, balance sheets, and additional information for Great Adventures, Inc., areprovided below.Net revenues:Expenses:GREAT ADVENTURES, INC.Income statementFor the year ended December 31, 2822Cost of goods soldOperating expensesDepreciation expense.Interest expenseIncome tax axpenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryOther current assetsLong-term assets:LandBuildingsEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableOther current liabilitiesNotes payable (current and long-term)Stockholders' equity:Common stockPaid-in capitalRetained earningsTreasury stockTotal liabilities and stockholders' equityCash Flows from Operating ActivitiesNet incomeGREAT ADVENTURES, INC.Balance SheetsDecember 31, 2022 and 2021GREAT ADVENTURES, INC.Statement of Cash FlowsFor the Year Ended December 31, 2022Adjustments to reconcile net income to net cashflows from operating activities:$40,30073,36019,95011,27416,300Net cash flow from operating activitiesCash Flows from Investing ActivitiesNet cash flow from investing activitiesCash Flows from Financing ActivitiesNet increase in cashNet cash flows from financing activitiesCash at the beginning of the periodCash at the end of the periodNote: Noncash Activities.$202,250161,184$ 41,066S2022$318,01450,84010,6001,260860,000908,00099,080(28,850)Additional Information for 2022:1. Land of $860,000 was obtained by issuing a note payable to the seller.2. Buildings of $908,000 and equipment of $41,080 were purchased using cash.3. Monthly payments during the year reduced notes payable by $10,522.4. Issued common stock for $1,360,000.5. Purchased 13,600 shares of treasury stock for $33 per share.6. Sold 7,600 shares of treasury stock at $34 per share.7. Declared and paid a cash dividend of $15,720.$ 36,64093816,30031,800883,07858,000(8,900)$2,218,944 $119,900156,0001,231,60060,596(198,000)$2,218,94441,066$ 52,620@05,948$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.)$2021$ 3,52093014,360033,6800A$119,90041,0660020,000035,250041,06652,62093.686Increase (I) orDecrease (D)$ 265,394 (1)58,848 (1)10,600 (1)4,680 (D)$850,000 (1)908,000 (1)41,080 (1)19,958 (1)33,120 (1)1,940 (1)31,800 (1)849,478 (1)136,000 (1)1,231,600 (1)25,346 (1)(198,000) (1)

The cash flow statement is prepared to record the cash flow from various activities during the…

The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax axpense Total expenses Net Income 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 $40,300 73,360 19,958 Notes payable (current and long-term) Stockholders' equity: 11,274 16,300 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 $202,250 Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 161,184 $ 41,066 2022 $318,014 $ 52,620 50,840 10,600 1,260 860,000 908,000 99,080 (28,850) $2,218,944 $ 36,640 930 16,300 31,800 883,078 156,000 1,231,600 60,596 (198,000) 2021 $2,218,944 0 e 5,940 58,000 (8,900) $119,900 $ 3,520 030 14,360 0 33,600 20,000 0 35,250 0 $119,900 Additional Information for 2022: 1. Land of $860,000 was obtained by issuing a note payable to the seller. 2. Buildings of $908,000 and equipment of $41,080 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $10,522 Increase (I) = Decrease (D) $265,394 (1) 58,848 (1) 10,600 (1) 4,689 (0) 860,000 (1) 908,000 (1) 41,080 (1) 19,950 (1) $ 33,120 (1) 1,940 (1) 31,800 (1) 849,478 (1) 136,009 (1) 1,231,600 (1) 25,346 (1) (198,000) (1)

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.12E