Homework Help is Here – Start Your Trial Now!
Business
Accounting
Additional Information for 2025: 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. Required: Prepare the statement of cash flows for the year ended December 31, 2025, using the indirect method. (Amounts to be deduc cash outflows, and any decrease in cash should be indicated with a minus sign.) GREAT ADVENTURES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities net income het cash

Additional Information for 2025: 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. Required: Prepare the statement of cash flows for the year ended December 31, 2025, using the indirect method. (Amounts to be deduc cash outflows, and any decrease in cash should be indicated with a minus sign.) GREAT ADVENTURES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities net income het cash

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

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 Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity Additional Information for 2025: $ 37,288 GREAT ADVENTURES, INCORPORATED Balance Sheets December 31, 2025 and 2024 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. GREAT ADVENTURES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities 2025 $ 218,748 48,500 8,000 1,000 Adjustments to reconcile net income to net cash flows from operating activities: 600,000 830,000 72,300 (26,250) $1,752,298 $ 25,200 800 15,000 24,000 623,660 130,000 995,000 58,638 (120,000) $1,752,298 2024 $ 61,200 @ . 4,900 45,000 (8.250) $106,250 Additional Information for 2025: 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. $ 3,000 800 14,100 e 31,000 20,000 e 33,950 0 $106,250 Increase (1) or Decrease (D) $ 157,548 (1) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (1) 830,000 (1) 27,300 (1) 18,000 (1) $ 22,200 (1) 900 (1) 24,000 (1) 592,660 (1) Required: Prepare the statement of cash flows for the year ended December 31, 2025, using the indirect method. (Amounts to be deducted cash outflows, and any decrease in cash should be indicated with a minus sign.) 110,000 (1) 995,000 (1) 24,688 (1) (120,000) (1) Che
Transcribed Image Text: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 Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity Additional Information for 2025: $ 37,288 GREAT ADVENTURES, INCORPORATED Balance Sheets December 31, 2025 and 2024 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. GREAT ADVENTURES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities 2025 $ 218,748 48,500 8,000 1,000 Adjustments to reconcile net income to net cash flows from operating activities: 600,000 830,000 72,300 (26,250) $1,752,298 $ 25,200 800 15,000 24,000 623,660 130,000 995,000 58,638 (120,000) $1,752,298 2024 $ 61,200 @ . 4,900 45,000 (8.250) $106,250 Additional Information for 2025: 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. $ 3,000 800 14,100 e 31,000 20,000 e 33,950 0 $106,250 Increase (1) or Decrease (D) $ 157,548 (1) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (1) 830,000 (1) 27,300 (1) 18,000 (1) $ 22,200 (1) 900 (1) 24,000 (1) 592,660 (1) Required: Prepare the statement of cash flows for the year ended December 31, 2025, using the indirect method. (Amounts to be deducted cash outflows, and any decrease in cash should be indicated with a minus sign.) 110,000 (1) 995,000 (1) 24,688 (1) (120,000) (1) Che
The income statement, balance sheets, and additional information for Great Adventures, Incorporated, are provided below. Net revenues: Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses. Net incone Assets Current assets: Cash GREAT ADVENTURES, INCORPORATED Income Statement For the Year Ended December 31, 2025 Accounts receivable. Inventory Other current assets. Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets ***K D-D 4- $39,000 57,500 18,000 8,032 15,000 $174,820 137,532 $ 37,288 GREAT ADVENTURES, INCORPORATED Pr Balance Sheets December 31, 2025 and 2024 2025 2024 $ 218,748 $ 61,200 48,500 8,000 1,000 600,000 830,000 72,300 (26,250) $1,752,298 0 0 4,900 0 0 45,000 (8,250) $106,250 Increase (1) or Decrease (0) $ 157,548 (2) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (1) 830,000 (1) 27,300 (1) 18,000 (T)
Transcribed Image Text:The income statement, balance sheets, and additional information for Great Adventures, Incorporated, are provided below. Net revenues: Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses. Net incone Assets Current assets: Cash GREAT ADVENTURES, INCORPORATED Income Statement For the Year Ended December 31, 2025 Accounts receivable. Inventory Other current assets. Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets ***K D-D 4- $39,000 57,500 18,000 8,032 15,000 $174,820 137,532 $ 37,288 GREAT ADVENTURES, INCORPORATED Pr Balance Sheets December 31, 2025 and 2024 2025 2024 $ 218,748 $ 61,200 48,500 8,000 1,000 600,000 830,000 72,300 (26,250) $1,752,298 0 0 4,900 0 0 45,000 (8,250) $106,250 Increase (1) or Decrease (0) $ 157,548 (2) 48,500 (1) 8,000 (1) 3,900 (D) 600,000 (1) 830,000 (1) 27,300 (1) 18,000 (T)
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Financial Instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS