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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)

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)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Great Adventures, Inc. Financial Statements and Additional Information** ### Income Statement for the Year Ended December 31, 2022 - **Net Revenues:** $202,250 - **Expenses:** - Cost of Goods Sold: $50,389 - Operating Expenses: $73,568 - Depreciation Expense: $7,750 - Interest Expense: $13,987 - Income Tax Expense: $16,336 - **Total Expenses:** $162,030 - **Net Income:** $41,066 --- ### Balance Sheets as of December 31, 2022 and 2021 #### Assets - **Current Assets:** - Cash: $318,614 (2022); $276,924 (2021); Increase of $41,690 - Accounts Receivable: $8,636 (2022); $7,850 (2021); Increase of $786 - Inventory: $8,214 (2022); $6,582 (2021); Increase of $1,632 - Other Current Assets: $15,000 (2022); $5,046 (2021); Increase of $9,954 - **Long-term Assets:** - Land: $860,000 (2022); $0 (2021); Increase of $860,000 - Equipment: $1,686,000 (2022); $780,000 (2021); Increase of $906,000 - Less: Accumulated Depreciation: ($654,350) (2022); ($594,000) (2021); Increase in depreciation of $60,350 - **Total Assets:** $2,218,614 (2022); $119,802 (2021); Increase of $1,998,812 #### Liabilities and Stockholders' Equity - **Current Liabilities:** - Accounts Payable: $36,649 (2022); $3,520 (2021); Increase of $33,129 - Interest Payable: $6,840 (2022); $5,120 (2021); Increase of $1,720 - Income Tax Payable: $6,254 (2022); $6,486 (2021); Decrease of $232 - Other Current Liabilities: $83,
Transcribed Image Text:**Great Adventures, Inc. Financial Statements and Additional Information** ### Income Statement for the Year Ended December 31, 2022 - **Net Revenues:** $202,250 - **Expenses:** - Cost of Goods Sold: $50,389 - Operating Expenses: $73,568 - Depreciation Expense: $7,750 - Interest Expense: $13,987 - Income Tax Expense: $16,336 - **Total Expenses:** $162,030 - **Net Income:** $41,066 --- ### Balance Sheets as of December 31, 2022 and 2021 #### Assets - **Current Assets:** - Cash: $318,614 (2022); $276,924 (2021); Increase of $41,690 - Accounts Receivable: $8,636 (2022); $7,850 (2021); Increase of $786 - Inventory: $8,214 (2022); $6,582 (2021); Increase of $1,632 - Other Current Assets: $15,000 (2022); $5,046 (2021); Increase of $9,954 - **Long-term Assets:** - Land: $860,000 (2022); $0 (2021); Increase of $860,000 - Equipment: $1,686,000 (2022); $780,000 (2021); Increase of $906,000 - Less: Accumulated Depreciation: ($654,350) (2022); ($594,000) (2021); Increase in depreciation of $60,350 - **Total Assets:** $2,218,614 (2022); $119,802 (2021); Increase of $1,998,812 #### Liabilities and Stockholders' Equity - **Current Liabilities:** - Accounts Payable: $36,649 (2022); $3,520 (2021); Increase of $33,129 - Interest Payable: $6,840 (2022); $5,120 (2021); Increase of $1,720 - Income Tax Payable: $6,254 (2022); $6,486 (2021); Decrease of $232 - Other Current Liabilities: $83,
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