Great Adventures Problem 11-1 The income statement, balance sheet, and additiona

Question

Great Adventures Problem 11-1 The income statement, balance sheet, and additional information for Great Adventures, Inc., are provided below GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2017 Revenues: Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) $553,000 128,000 $681,000 Total revenues Expenses. Cost of goods sold (watches) Operating expenses Depreclation expense Interest expense Income tax expense 75,000 304,776 55,000 30,224 60,000 Total expenses 525,000 Net income $156,000

Explanation / Answer

Cash Flow Statement Indirect Method Cash Flow From Operating Activities Net Income 156000 Depreciation 55000 Increase in Accounts Receivable -12500 Increase in Inventory -3250 Increase in Other Current assets -2250 Increase in Accounts Payable 3250 Increase in IT Payable 19500 Cash Flow From Operating Activities 215750 Cash Flow from Investing Activities Borrowed 550000 Cash Flow from Financing activities Common Stock 1200000 Shares -130000 Treasury Stock 70000 Dividend -125000 Cash Flow from Financing activities 1015000

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