Can anyone help me find what i missed in Balance Sheet (last picture)? thanks
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $760 each Jul. 17 Purchased 89 watches for $13,350 ($150 per watch) on account. Jul. 31 Sold 86 watches for $65,360 cash. Aug. 12 Purchased 65 watches for $10,560 ($160 per watch) cash. Aug. 22 Sold 56 watches for $42,560 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $25,536 for watches sold on account on August 22. Oct. 27 Purchased 145 watches for $24,650 ($170 per watch) cash. Nov. 20 Sold 116 watches for $88,160 cash. Dec. Purchased 126 watches for $22,680 ($180 per watch) on account. Dec. 8 Sold 66 watches for $50, 160 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for Inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. No Date General Journal Credit Debit 13.350 1 Jul 17 Inventory Accounts Payable 13,350 2 Jul 31 65,360 Cash Sales Revenue 65,360 Jul 31 12.900 Cost of Goods Sold Inventory 12.900 4 Aug 12 10,560 Inventory Cash 10,560 5 Aug 22 42,560 Accounts Receivable Sales Revenue 42,560 6 Aug 22 8,930 Cost of Goods Sold Inventory 8,930 7 Sep 19 13,350 Accounts Payable Cash 13,350 8 8 Sep 27 25,536 Cash Accounts Receivable 25,536 9 Oct 27 Inventory 24.650 Cash 24,650 10 Nov 20 Cash 88.160 Sales Revenue 88,160 11 Nov 20 19.590 Cost of Goods Sold Inventory 19,590 12 Dec 04 22.680 Inventory Accounts Payable 22,680 13 Dec 08 50.160 Accounts Receivable Sales Revenue 50,160 14 Dec 08 11,460 Cost of Goods Sold Inventory 11,460 15 Dec 31 8,160 Cost of Goods Sold Inventory 8,160 16 Dec 31 Sales Revenue Service Revenue Interest Revenue Retained Earnings Sales Discounts 246,240 51,000 185 296,945 480 17 Dec 31 154,740 Retained Earnings Cost of Goods Sold Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Depreciation Expense Supplies Expense Salaries Expense 61,040 3,700 3,100 3.700 15,800 6,100 22,500 1,800 37,000 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Cash Accounts Receivable Current Liabilities 167,656 Accounts Payable 104,184 10,200 28.080 0 0 Inventory 0 0 0 Total Current Liabilities 28.080 0 0 28,080 Total Current Assets Long-term Assets 282,040 Total Liabilities Stockholders' Equity 0 Common Stock 0 Retained Earnings 0 Total Stockholders' Equity 282,040 Total Liabilities and Stockholders' Equity 25,655 178.720 0 204,375 232.455 0 Total Assets $ $ Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $760 each Jul. 17 Purchased 89 watches for $13,350 ($150 per watch) on account. Jul. 31 Sold 86 watches for $65,360 cash. Aug. 12 Purchased 65 watches for $10,560 ($160 per watch) cash. Aug. 22 Sold 56 watches for $42,560 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $25,536 for watches sold on account on August 22. Oct. 27 Purchased 145 watches for $24,650 ($170 per watch) cash. Nov. 20 Sold 116 watches for $88,160 cash. Dec. Purchased 126 watches for $22,680 ($180 per watch) on account. Dec. 8 Sold 66 watches for $50, 160 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for Inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. No Date General Journal Credit Debit 13.350 1 Jul 17 Inventory Accounts Payable 13,350 2 Jul 31 65,360 Cash Sales Revenue 65,360 Jul 31 12.900 Cost of Goods Sold Inventory 12.900 4 Aug 12 10,560 Inventory Cash 10,560 5 Aug 22 42,560 Accounts Receivable Sales Revenue 42,560 6 Aug 22 8,930 Cost of Goods Sold Inventory 8,930 7 Sep 19 13,350 Accounts Payable Cash 13,350 8 8 Sep 27 25,536 Cash Accounts Receivable 25,536 9 Oct 27 Inventory 24.650 Cash 24,650 10 Nov 20 Cash 88.160 Sales Revenue 88,160 11 Nov 20 19.590 Cost of Goods Sold Inventory 19,590 12 Dec 04 22.680 Inventory Accounts Payable 22,680 13 Dec 08 50.160 Accounts Receivable Sales Revenue 50,160 14 Dec 08 11,460 Cost of Goods Sold Inventory 11,460 15 Dec 31 8,160 Cost of Goods Sold Inventory 8,160 16 Dec 31 Sales Revenue Service Revenue Interest Revenue Retained Earnings Sales Discounts 246,240 51,000 185 296,945 480 17 Dec 31 154,740 Retained Earnings Cost of Goods Sold Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Depreciation Expense Supplies Expense Salaries Expense 61,040 3,700 3,100 3.700 15,800 6,100 22,500 1,800 37,000 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Cash Accounts Receivable Current Liabilities 167,656 Accounts Payable 104,184 10,200 28.080 0 0 Inventory 0 0 0 Total Current Liabilities 28.080 0 0 28,080 Total Current Assets Long-term Assets 282,040 Total Liabilities Stockholders' Equity 0 Common Stock 0 Retained Earnings 0 Total Stockholders' Equity 282,040 Total Liabilities and Stockholders' Equity 25,655 178.720 0 204,375 232.455 0 Total Assets $ $
