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At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $30,800,
At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $30,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $10,800 of the $30,800 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,800 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,800. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $4,800. GREAT GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Liabilities 0 Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets
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