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. Account Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash Copyright No. 201 103 168 300 301 101 194 167 02 633 623 141 233 610 402 126 637 652 203 688 612 Debit Credit $ 5,150 $ 5,150 6, 200 44,100 39,400 12,150 11,200 23, 200 2,470 505 19,600 26,800 11,150 89,960 369 1,810 2,250 12,800 2,560 53,200 $185,010, $185,010 Equipment Insurance expense our one Interest expense Notes receivable, due January 1, 2023 Long-term notes payable Rent Revenues ve Supplies Supplies expense Telephone expense Unearned revenues Utilities expense Wages expense Totals bent expense UL 688 612 Utilities expense Wages expense Totals 2,560 53,200 $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 b. 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. 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 $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. ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2020 S 95,810 Revenues ======= ** AF $ 95,810 ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2020 Revenues Operating expenses Depreciation expense, equipment $ 1.160 Rent expense 11,150 Wages expense 53,200 Insurance expense 2,470 Interest expense 505 Supplies expense 1,810 Telephone expense 2.970 Utilities expense 2,560 1 Total operating expenses Profit 75.825 19.985 5 Prepare a statement of changes in equity for the year ended March 31, 2020. GA 44,100 ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2020 Becky Brenner, capital, April 1 Add: Profit 19,985 Add: Investments by owner 17,500 Total Less: Withdrawals Becky Brenner, capital, March 31 $ 37.485 $ 81 585 i 39,400 42,185 $ Prepare a classified balance sheet at March 31, 2020, Prepare a classified balance sheet at March 31, 2020. ADVENTURE ELEMENTS Balance Sheet March 31, 2020 Assets Current assets: Cash $ Accounts receivable Supplies 12,150 8,650 365 $ 21,165 Total current assets Long-term investments: Notes receivable 19,600 $ Property, plant and equipment: Equipment Less: Accumulated depreciation Intangible assets. Copyright 23,200 7.360$ 15,840 11.200 Notes receivable 19,600 Property, plant and equipment: Equipment Less: Accumulated depreciation Intangible assets Copyright 23,200 7,360 $ 15,840 11,200 Total assets 67 805 Liabilities Current liabilities: Accounts payable Unearned revenues Current portion of long-term notes payable $ 5,870 10.450 26,800 $ $ 43.120 Total current liabilities Long-term liabilities Long-term notes payable (less current portion) 6,000: Total llabilities 49,120 Total assets 67,805 Liabilities Current liabilities: Accounts payable Unearned revenues Current portion of long-term notes payable GA 5,870 10,450 26,800 X 43, 120 Total current liabilities Long-term liabilities Long-term notes payable (less current portion) 6,000! Total liabilities 49,120 Equity Becky Brenner, capital Total liabilities and equity 49. 120