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4 copy purch 14 kayak, paying 1,200 estos to the 54.00 that pada Great Adventures Problem AP3-1 (The following information applies to the questions displayed below.) Tony and Suzie graduate from college in May 2021 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'lhold 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, 2021, Tony and Suzle organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 36,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie wil act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sall $10,000 of took te Suzie. 1 Sell $10,000 of common took te Tony. 1 Purchase one-year surance policy for $5,040 (5420 per month) to cover injuries to participants during outdoor alinien. 2 Pay lagal tem of $1,100 sociated with incorporation. + Purchase office applies of $1,100 on account. 7 Pay for advertising of $320 to a local paper for an upcoming mountain biking cline to be held on July 15. Attendees will be charged $40 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $19,400 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $2,000 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinie, Tony holds another mountain biking clinic and the company receive $2,390. Jul. 24 pay $740 to a local radio station for adreztining to appear inmediately. a kayaking clinic vill be beid on haguat 10, and attendees can pay $120 in danes or $170 on the day of the clinic. Jul. 3. Great Adventure receive case of $4,000 in advance from 40 kayaknes for the upcoming kayak clinic. Aug. 1 Great Adventurus obtaina $42,000 low-intezet lors to the company from the city council, which has recently pued an initiative encouraging business development related to outdoor activities. The loan in die in three years, and 67 ani interest is due each year on July 31. Aug. Avag. 10 venty additional kayakuru pay $3,400 (5170 each), in on the day of the clinie. Toey conduct the first kayak elisie. drag. 19 Tony anetarond kayak clinic, and the company cover $12,000 cash. Arag. 24 ottice supplies of $1,700 Sep. 1 so provide better storage of mountain bikes and kayaka when not in use, the company renta storage shed for see yuar, paying $3,346 $200 per month advance. Sap. 21 Sony candecta.rock-clishing clinic. The company receive $14,500 cash. oct. 17 Pony candects an orienteering clinic. Participants practice how to understand topographical rap. read an altitur, ucapua, and orient througe heavily wooded areas. The company receive $10,000 ch 1 to hold the copy's first adventure race on December 15. Four-person to all race tron checkpoint to checkpoint using combination of mountain biking, kayaking, orientering, trail running, and rock-climbing skills. The first town is cach category to complete all checkpointa in order wina. The entry toe for each tema is $690. Dec. to help organize and promote the res, roay hires bia college toate, Victor. Victor will be paid $40 in salary for such thu that competes in the race. Mix salary will be paid atter the race. # The company pays $1,400 to purchase permit from a state park where the face will be held. The amount is recorded as a sellaneous expande. Dec. 12 the company purchases racing supplies for $2,300 account due in 30 daya. Supplies include trophies top-finishing and is each category, promotional shirta, nack food and drinks for participata, and field sakura to prepare the FRECUER... Dec. 15 The company receives $27,600 cash tro total of torty teams, and the race is held. Dec. 16 The company paya Victor's malery of $2,400. Dec. 31 The company pays dividend of 54,300 (52,150 to Tony and $2,250 to Surse). Dec. 31 Daing his personal money, Tony purchases diamond ring for 53,600. Toey aurprise Suzie by preparing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8.700. b. Six months' of the one-year Insurance policy purchased on July 1 has expired. Four months of the one year rental agreement purchased on September 1 has expired. d of the $1,700 of office supplies purchased on July 4, 5210 remains. e Interest expense on the $42.000 loan obtained from the city council on August 1 should be recorded t Of the $2,300 of racing supplies purchased on December 12, $150 remains. 9. Suzie calculates that the company owes $13,400 in income taxes. Dec. Sony decides 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Income Statement Samt of Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare an income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Raven Service Ravenna $ Service Revenue (Racing) 30,300 4,350 $ B4,650 1,050 1,100 1,800 2,400 Total Revenue Expenses Advertising Expense Legal Fous Expense Miscellaneous Expense Salaries Expanse Depreciation Expanse Insurance Expense Rent Expense Supplies Expense (Office) Supplies Expense (Racing Interest Expense Income Tax Expense 8,700 2,520 1,120 1,390 2,150 1,050 13,400 Total Expense 38,690 47,950 $ Income Statement Stmt of Stockholders Equity > 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Income Set of Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. Al account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Retained Total Common Stock Earnings Stockholders' Equity $ 20,000 Os 20,000 27,950 47,950 14.300) (4,3001 Add Withdrawal by Owner Dividends 20,000 $ 43,650 $ 83,660 Income Statement Balance Sheet > 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet. Complete this question by entering your answers in the tabs below. Income Set of Statement Stockholders Balance Sheet Equity Prepare a cassified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Assets Current Assets Cash Prepaid insurance Prepaid Rent Supplies Office Supplies (Racing 2,300 1.050 13.400 GREAT ADVENTURES, Ine. Balance Sheet December 31, 2021 Liabilities Current Liabilities: BR.200 Accounts Payable 2.520 Interest Payable 2.240 Income Tax Payable 310 150 Total Current Liabi Notes Payable 93,510 Total Liabilities Stockholders' Equity 19,400 Common Stock 18,200 Retained Earrings (8,700) Total Stockholders' Equity $ 122,410 Total Liabies and Stockholders' Equity 16,750 42,000 58,750 Total Current Assets Long-term assets Equipment (Bikes) Equipment (Kayaks Accumulated Depreciation 20,000 43,650 63,660 122,410 Total Ass 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Income Set of Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. Al account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Retained Total Common Stock Earnings Stockholders' Equity $ 20,000 Os 20,000 27,950 47,950 14.300) (4,3001 Add Withdrawal by Owner Dividends 20,000 $ 43,650 $ 83,660 Income Statement Balance Sheet > 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet. Complete this question by entering your answers in the tabs below. Income Set of Statement Stockholders Balance Sheet Equity Prepare a cassified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Assets Current Assets Cash Prepaid insurance Prepaid Rent Supplies Office Supplies (Racing 2,300 1.050 13.400 GREAT ADVENTURES, Ine. Balance Sheet December 31, 2021 Liabilities Current Liabilities: BR.200 Accounts Payable 2.520 Interest Payable 2.240 Income Tax Payable 310 150 Total Current Liabi Notes Payable 93,510 Total Liabilities Stockholders' Equity 19,400 Common Stock 18,200 Retained Earrings (8,700) Total Stockholders' Equity $ 122,410 Total Liabies and Stockholders' Equity 16,750 42,000 58,750 Total Current Assets Long-term assets Equipment (Bikes) Equipment (Kayaks Accumulated Depreciation 20,000 43,650 63,660 122,410 Total Ass