GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Cash $ Debit 116,156 76,824 3,100 34,560 52,000 Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense S supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total 27,500 24,720 1,100 15,200 44,000 23,045 35,200 48,000 129,280 420 155 59,360 19,500 1,200 31,000 3,100 2,500 3,100 15,200 5,500 385,860 $ 385,860 (The following information applies to the questions displayed below.] 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 $640 each. Jul. 17 Purchased 71 watches for $10,650 ($150 per watch) on account. Jul. 31 Sold 54 watches for $34,560 cash. Aug. 12 Purchased 54 watches for $8,640 ($160 per watch) cash. Aug. 22 Sold 44 watches for $28,160 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $16, 896 for watches sold on account on August 22. Oct. 27 Purchased 115 watches for $19,550 ($170 per watch) cash. Nov. 20 Sold 104 watches for $66,560 cash. Dec. 4 Purchased 114 watches for $20,520 ($180 per watch) on account. Dec. 8 Sold 54 watches for $34,560 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 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: Current Liabilities: 0 o Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total Assets
