2021. Tony and Suzie organize their new company as a corporation, Great Adventures inc. The articles of Incorporation state that the corporation will sell 32,000 shares of common Steach Each share of stock represents a unit of ownership. Tony and Suzie will act as co presidents of the company. The following transactions occur from July through December Sell 516,000 ot common stock to Suzie Sell $15,000 of common stock to Tony Purchase an one year Insurance policy for $4440 (5370 per monti) to cover injuries to participants during outdoor cilities: 2 Pay legal fees of S1700 associated with incorporation 4 Purchase office supplies of $1,100 on account 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking Ciric to be held on July 15. Attendees will be charged 560 on the day of the clinic & Purchase 10 mountainbikes, paying 515,400 cash 15 on the day of the clinic, Great Adventures receives cash of $3.000 from 50 bikers. Tony conducts the mountain biking 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3.350 24 Pay 5720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10and attendees can pay $140 in avance or 3190 on the day of the cine 30 Great Adventures receives cash of $8,400 in advance from 60 kaya cers for the upcoming kayak clinic Great Adventures obtains a 533,000 low interest loan for the company from the city council, which has recenty passed an ave encouraging business development related to outdoor activities The loan is due in the years, and annual interest is due each year on 31 The company purchases 14 Kayaks, paying $20,400 cash 10. Twenty additional kayakers pay $3,800 (5190 each. In addition to the $8,400 that was paid in advance on July 30, on the day of the clinic Tony conduct the first clinic 17 Tony conduct a second Rayak dinle, and the company receives S10.900 cash 0.24 me supplies of purchased on July 4 are painful p1To Drovide better storage of mountain bikes and kayaks when not in the companyents a storage shed for one year paying $3.240 15270 per month in advance 21 Tony conducts arochimbing in the company receives $14300 cash 17 Tony conducts antering clinic Participants practice how to understand a topographical read an altimeterse a com and orient through heavy wooded are the company receves 18.400 cash bet Tony decides to hold the company's first adventure race on December 15. Four person teams wil race from checkpoint to checkport using a commotion of mourning hayo. Orientering trail running, and rocking skils. The first team in each category to complete all checkpoint in order wins the entry fee for each team is 5640 Der To help organice and promote the race Tony hit hit college roommate Victor Victor was be paid $40 in salary for each team that compete in the race Hory will be after the face Det the company Days $1200 to purchase a permatomast park where the race will be held The mount is recorded as colecus expone Dec. The company burchasing supplies for $2200 on account din 10 days Supplies include trophies for the footing team nach category promotional the food and drinks participants and told me to prepare the secou Dec 15 The company receives $25,600 cash from a total of forty tem, and the race is held De 16 The company Days Vidony of 600 Dec 31 The companys a dividend of 53.400 SUO Tony and $100 to Suzej Det nors person ony, Tory Burchases diamond tires for $3700 Tony surpres Shirler by proper at the out and Sune accept and inayoet manier The following information relate to year and adjusting entries of December 2020 Depreciation of the mountain bike purchased on July and kayak purchased on August 4 to $7000 5 months of the one your insurance policy purchased on the pred our months of the one year real noreement purchased on September d. Of the 51300 of office wouched on July 4, 5360moins erstene on the 3000 loan obtained from the city council on August should be recorded CO2300 racing supplies purchased on December 12.5200 m that the corrows $41500 come Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Total For the period July 1 to December 31, 2021, prepare an income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Clinic) Service Revenue (Racing) $ Total Revenues Expenses: tes Total Expense 0 0 Income Stmt of Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All accour zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: 0 Total Current Liabilities 0 0 Total Current Assets Long-term assets Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0 $ 0 Total Assets 2021. Tony and Suzie organize their new company as a corporation, Great Adventures inc. The articles of Incorporation state that the corporation will sell 32,000 shares of common Steach Each share of stock represents a unit of ownership. Tony and Suzie will act as co presidents of the company. The following transactions occur from July through December Sell 516,000 ot common stock to Suzie Sell $15,000 of common stock to Tony Purchase an one year Insurance policy for $4440 (5370 per monti) to cover injuries to participants during outdoor cilities: 2 Pay legal fees of S1700 associated with incorporation 4 Purchase office supplies of $1,100 on account 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking Ciric to be held on July 15. Attendees will be charged 560 on the day of the clinic & Purchase 10 mountainbikes, paying 515,400 cash 15 on the day of the clinic, Great Adventures receives cash of $3.000 from 50 bikers. Tony conducts the mountain biking 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3.350 24 Pay 5720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10and attendees can pay $140 in avance or 3190 on the day of the cine 30 Great Adventures receives cash of $8,400 in advance from 60 kaya cers for the upcoming kayak clinic Great Adventures obtains a 533,000 low interest loan for the company from the city council, which has recenty passed an ave encouraging business development related to outdoor activities The loan is due in the years, and annual interest is due each year on 31 The company purchases 14 Kayaks, paying $20,400 cash 10. Twenty additional kayakers pay $3,800 (5190 each. In addition to the $8,400 that was paid in advance on July 30, on the day of the clinic Tony conduct the first clinic 17 Tony conduct a second Rayak dinle, and the company receives S10.900 cash 0.24 me supplies of purchased on July 4 are painful p1To Drovide better storage of mountain bikes and kayaks when not in the companyents a storage shed for one year paying $3.240 15270 per month in advance 21 Tony conducts arochimbing in the company receives $14300 cash 17 Tony conducts antering clinic Participants practice how to understand a topographical read an altimeterse a com and orient through heavy wooded are the company receves 18.400 cash bet Tony decides to hold the company's first adventure race on December 15. Four person teams wil race from checkpoint to checkport using a commotion of mourning hayo. Orientering trail running, and rocking skils. The first team in each category to complete all checkpoint in order wins the entry fee for each team is 5640 Der To help organice and promote the race Tony hit hit college roommate Victor Victor was be paid $40 in salary for each team that compete in the race Hory will be after the face Det the company Days $1200 to purchase a permatomast park where the race will be held The mount is recorded as colecus expone Dec. The company burchasing supplies for $2200 on account din 10 days Supplies include trophies for the footing team nach category promotional the food and drinks participants and told me to prepare the secou Dec 15 The company receives $25,600 cash from a total of forty tem, and the race is held De 16 The company Days Vidony of 600 Dec 31 The companys a dividend of 53.400 SUO Tony and $100 to Suzej Det nors person ony, Tory Burchases diamond tires for $3700 Tony surpres Shirler by proper at the out and Sune accept and inayoet manier The following information relate to year and adjusting entries of December 2020 Depreciation of the mountain bike purchased on July and kayak purchased on August 4 to $7000 5 months of the one your insurance policy purchased on the pred our months of the one year real noreement purchased on September d. Of the 51300 of office wouched on July 4, 5360moins erstene on the 3000 loan obtained from the city council on August should be recorded CO2300 racing supplies purchased on December 12.5200 m that the corrows $41500 come Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Total For the period July 1 to December 31, 2021, prepare an income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Clinic) Service Revenue (Racing) $ Total Revenues Expenses: tes Total Expense 0 0 Income Stmt of Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All accour zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: 0 Total Current Liabilities 0 0 Total Current Assets Long-term assets Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0 $ 0 Total Assets