Accounting question has been attached below.
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2020. No. Account Debit Credit 201 Accounts payable and accrued liabilities $ 5,150 103 Accounts receivable $ 5,150 160 Accumulated depreciation, equipment 6,200 300 Becky Brenner, capital 44,100 301 Becky Brenner, withdrawals 39,400 101 Cash 12,150 194 Copyright 11,200 167 Equipment 23,200 633 Insurance expense 2,470 623 Interest expense 505 141 Notes receivable, due January 1, 2023 19,600 233 Long-term notes payable 26,600 610 Rent expense 11,150 402 Revenues 89,960 125 Supplies 355 537 Supplies expense 1,510 652 Telephone expense 2,250 203 Uneamed revenues 12,600 638 Utilities expense 2,550 612 Wages expense 53,200 Totals $185,010 $185,010 The following is additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $720. I). On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $3,500 due April 30. c. On March 31, the company held a teen's camp for $2,350. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. lfyou need to create a new account, use account number 606. Use straight line method for depreciating Equipment. The owner made an additional investment during the year of $17,500. A $6,000 payment on the long-term notes payable will be made during the year ended March 31, 2021. Prepare an income statement for the year ended March 31, 2020. The owner made an additional investment during the year of $17,500. A $6,000 payment on the long-term notes payable will be made during the year ended March 31, 2021. Prepare an income statement for the year ended March 31, 2020. Operating expenses: Total operating expenses 0 Prepare a statement of changes in equity for the year ended March 31, 2020. ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2020 Becky Brenner, capital, April 1 0 Total $ 0 Becky Brenner, capital, March 31Prepare a classified balance sheet at March 31, 2020. ADVENTURE ELEMENTS Balance Sheet March 31, 2020 Assets Current assets: Total current assets 0 Long-term investments: Property, plant and equipment: Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities 0 Long-term liabilities: Total liabilities 0 Equity Total liabilities and equity $ 0
