8:24v 381 On July 1, 2018, Tony and Suzie August 1 through December 31. Also, $30,000 low-interest loan for the company from the city council, which is due in three years, and 6% annual interest is due each year on July 31 Aug, 4 The company purchases 14 kayaks, paying $28,000 cash. pay $3,000 ($150 each), in addition to the $4,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 24 Office supplies of $1,800 Sep. 1 To provide better storage of mountain bikes and kayaks when not rents a storage policy for $2,400 ($200 per month). 8:24 v LTE 381 kayak clinic, and the company receives $10,500 cash. Aug. 24 Office supplies of $1,800 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $2,400 ($200 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,200 Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $17,900 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. Dec, 8 The company pays $1,200 to purchase a permit from a state park where the race will be held. The amount is recorded as a 8:24 LTE 381 fee for each team is $500 Dec. 5 To help organize and promote roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be Dec. 8 The company pays $1,200 to where the race will be held. The racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, participants, and field markers to $20,000 cash from a total of forty Dec. 16 The company pays Victor's Dec. 31 The company pays a dividend of $4,000 ($2,000 to Tony and $2,000 Tony purchases a diamond ring for proposing that they get married. Suzie The following information relates to year-end adjusting entries as of 8:24 v LTE 381 Tony purchases a diamond ring for Suzie by proposing that they get married. Suzie accepts and they get married The following information relates to year-end adjusting entries as of December 31, 2018. a. Depreciation of the mountain bikes purchased on August 4 totals $8,000 b. Six months' worth of insurance has c. Four months' worth of rent has d. Of the $1,800 of office supplies remains. e. Interest expense on the $30,000 loan obtained from the city council on f. Of the $2,800 of racing supplies purchased on December 12, $200 g. Suzie calculates that the company owes $14,000 in income taxes. Assume the following ending balances 8:32 1 LTE 381 4. Prepare an adjusted trial balance as of December 31, 2018. (The items in the Trial Balance should be grouped as follows: Assets, Contra-asset accounts, Liabilities, Equity, Dividends, Revenues, and Expenses.) Check my References work 8. value: 7.14 points Required information 5-a. For the period July 1 to December 31, 2018, prepare an income statement 5-b. For the period July 1 to December 31, 2018, prepare a statement of stockholders equity. All account balances on July 1 were zero