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Below is my work, not sure if it is correct a. For the one below, i know that the cash account in unlabeled in the
Below is my work, not sure if it is correct
a.
For the one below, i know that the cash account in unlabeled in the photo but I cant seem to figure out where I went wrong and which values are incorrect
b.
c.
d.
e.
GREAT ADVENTURES, INCORPORATED Statement of Stockholders' Equity For the Period Ended December 31, 2024 \begin{tabular}{|l|l|l|} \hline Common Stock & RetainedEarnings & TotalStockholdersEquity \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) [The following information applies to the questions displayed below.] Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 24,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 1 Sell $12,000 of common stock to Suzie. July 1 Sell $12,000 of common stock to Tony. July 1 Purchase a one-year insurance policy for $3,840 ( $320 per month) to cover injuries to Pay legal fees of $1,200 associated with incorporation. Purchase office supplies of $1,600 on account. Pay $230 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15 . Attendees will be charged $60 the day of the clinic. Purchase 10 mountain bikes, paying $13,300 cash. July 8 July 15 July 22 July 24 July 30 following transactions occur over the remainder of 2024 . August 1 August 4 August 10 August 17 August 24 September September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $14,000cash. October 17 Tony and Suzie conduct 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 $18,900 cash. December 1 Tony and Suzie decide 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. The entry fee for each team is $650. December 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race. December 8 The company pays $1,000 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. December 12 The company purchases racing supplies for $2,600 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives $26,000 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,800. December 31 The company pays a dividend of $4,200($2,100 to Tony and $2,100 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $4,000. Tony surprises 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,900. b. Six months' of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,600 of office supplies purchased on July 4,$350 remains. e. Interest expense on the $33,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12,$300 remains. g. Suzie calculates that the company owes $14,800 in income taxes. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ GREAT ADVENTURES, INCORPORATED } \\ \hline \multicolumn{1}{|c|}{ Income Statement } \\ \hline December 31, 2024 & \\ \hline Revenues: & & \\ \hline Service Revenue (Clinic) & & \\ \hline Service Revenue (Racing) & & \\ \hline Total Revenues & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}Step by Step Solution
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