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. 201 Aca 103 168 300 301 101 194 167 633 623 141 Account Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash Copyright Equipment Insurance expense Interest expense Notes receivable, due January 1, 2023 Long-term notes payable Rent expense Revenues Supplies Supplies expense Telephone expense Unearned revenues Utilities expense Wages expense Totals Debit Credit $ 3,600 $ 5,600 8,250 49,650 37,500 9,700 6,600 31,400 2,140 400 12,800 28, 200 8,150 72,455 725 1,940 2,230 12,000 2,570 52,400 $174,155 $174,155 233 610 402 126 637 652 203 688 612 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 $725. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,200 due April 30. c. On March 31, the company held a teen's camp for $2,080. 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. If you 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 $19,500. A $6,800 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. Answer is complete and correct. ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2020 Revenues Operating expenses Depreciation expense s 1.570 equipment Rent expense 8150 Wages expense 52.400 Insurance expense 2.140 Interest expense 400 Supplies expense 1.940 Telephone expense 2.955 Utilities expense 2.570 0000000 Total operating expenses Profit 72,125 S6,610 0 Prepare a statement of changes in equity for the year ended March 31, 2020. Answer is complete but not entirely correct. ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2020 Becky Brenner, capital, April 1 0X Add: Profit 6.610 Add: Investments by owner 19.500 26.110 Total S 28.110 Less: Withdrawals 37.500 Becky Brenner, capital, March 18,760 Prepare a classified balance sheet at March 31, 2020. Answer is not complete. ADVENTURE ELEMENTS Balance Sheet March 31, 2020 Assets Current assets Total current assets Long-term investments: Property, plant and equipment: Intangible assets: Total assets Liabilities Current liabilities: 30 Total current liabilities Long-term liabilities: Total liabilities Total liabilities and equity
