go Tony and Suzie graduate from college in May 2018 and begin developing their new business. They begin by ofering dlinics for basic outdoor activties such as mountain bking or kayaling 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 osing a conbination of kayaking mountah 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, 2018, Tony and Suzie organize their new company as a corporation, Great A $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31 dventures Inc. The aricles of incorporation state that the corporation wil sell 25 000 shares of common sbck tom Jul. Jul. 1 Sell $12,500 of common stock to Suzie. 1 Sell $12,500 of common stock to Tony. 1 Purchase a one-year insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics 2 Pay legal fees of $1,900 associated with incorporation. 4 Purchase office supplies of $1,100 on account 7 Pay for advertsing of $340 to a local newspaper for an upcoming mountain bking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. 8 Purchase 10 mountain bikes, paying $12.900 cash 15 On the day of the clinic. Great Adventures receives cash of $3.000 from 60 bikens Tony conducts the mountain biking clinic. 22 Because of the success of the fest mountain biking cinic. Tony holds another mountain biking clinic and the company receives $3,450 24 Pay for advertising of $810 to a local radio station for a kavaking cinic so be held on August 10 Attendees can pay $140 in advance or $190 on the day of the clinic 30 Great Adventures receives cash of $7,000 in advance trom 50 kayakers for the upcoming kayak clinic 1 Great Adventures obtains a $37,000 low-interest loan for the company from the cty counol, which has recently passed an initiative encouraging business development related to outdoor activides The loan is due in three vears, and 6% and Jul. Jul. Jul. Jul. Jul. Jul. Jul. Jul Jul. Aug $15 600 cash Aug. Aug- 4 The company purchases 14 kayaks, payinn erest is due each year on July 31, advance on July 30, on the day of the clinic. Tony conducts the frst kayak cinic 17 Tony conducts a second kayak clinic, and the company receives ST0.000 cash 24 Office supplies of $1,100 purchased on July 4 are paid in ful To provide better storage of mountan bikes and storage shed, purchasing a one-year rental polcy for $4.200 ($350 per month) 21 Tony conducts a rock-climbing clinic The company receves 14.300 cesh 17 Tony conducts an orienteening clnic Paricipants gracice how to understand a topographical map, read an altimeter, use a compass, and drient hrough heavly wooded areas The company receives $18.300 cash, Tony decides to hokd the company's frst adventure race on December 15. Four person beame wi race from checkpoint to checkpoint using a combination of mountain biking kaykings orienteering, trail running, and rock-cimbing skls, T checkpoints in order 5 To help organize and pald $70 in salary for each team that competes a The comparm The ann t in rine da a micellaenusa 10 Twenty additional kayakers pay $3.800 ($190 each), in addition to the $7000 that was pad in Aug. kayaks when not in use. the company rents as Sep Sep Oct each caleaary to conalte at Dec first teams cane Thoy hiee his eplee Aoe ane cor Vr w be her he tace ehere he0ace e be heid each tea ins. The enery fee rompte salary will be pait the race tale park Dec pays $1.3DO to purchade a permit Dec. fnd. Type here to search Home Prtscn IT dx