Great Adventures Problem AP6-1 (GL) 1 [The following information applies to the questions displayed below.] 11 points Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expansion. She notices that a few clinic participants wear multluse (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 $840 each. eBook References Jul. 17 Purchased 101 watches for $15,150 ($150 per watch) on account. Jul. 31 Sold 94 watches for $78,960 cash. Aug. 12 Purchased 74 watches for $11,848 ($160 per watch) cash. Aug 22 Sold 64 watches for $53,760 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $32,256 for watches sold on account on August 22. Oct 27 Purchased 165 watches for $28,250 ($170 per watch) cash. Nov. 20 Sold 124 watches for $184,160 cash. Dec. 4 Purchased 134 watches for $24,120 ($180 per watch) on account. Dec. 8 Sold 74 watches for $62,160 on account. Late in December, the next generation of multluse (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 11 points Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Adjusted eBook GREAT ADVENTURES, INC. Trial Balance References December 31, 2022 Account Title Debit Credit Cash IS 197,616 124,664 Accounts Receivable Allowance for Uncollectible Accounts Inventory 5,340 11,8001 82,000 32.500 30,3201 1.600 16.2001 Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue 84.000 27.395 37.700 53,000 299.040 520 205 57,920 24,500 2,200 41,000 4,100 Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total 3,500 4,100 16,200 6.500 $ 561,960 $ 561.980 NO Date General Journal Debit Credit 1 Jul 17 15.150 1 Inventory Accounts Payable 15.150 2 Jul 31 Cash 78.960 Sales Revenue 78.960 11 points 3 3 Jul 31 14.100 Cost of Goods Sold Inventory 14,100 eBook 4 Aug 12 Inventory 11.840 Cash 11.840 References 5 5 Aug 22 Accounts Receivable 53.780 Sales Revenue 53.760 i 6 6 Aug 22 Cost of Goods Sold 10.170 Inventory 10.170 7 7 Sep 19 Accounts Payable 15.150 Cash 15.150 8 Sep 27 Cash 32.250 Accounts Receivable 32,256 9 9 Oct 27 28.050 Inventory Cash 28.050 10 Nov 20 Cash 104,160 Sales Revenue 104,100 11 Nov 20 20.910 Cost of Goods Sold Inventory 20.910 12 Dec 04 24.120 Inventory Accounts Payable 24,120 13 Dec 08 Accounts Receivable 62.160 Sales Revenue 62. 160 14 Dec 08 Cost of Goods Sold 12.740 Inventory 12,740 15 Dec 31 Allowance for Uncollectible Accounts 9.440 Inventory 9.440 Requirement General Journal General Ledger 11 points Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. eBook References Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Cash S 197,616 Accounts Receivable 124,664 Inventory 11.800 0 334,080 Net Sales 0 S 334,080 Gross Profit Operating Expense: 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 334,080 0 0 Income Before Income Taxes 334,080 0 334,080 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: Cash S Accounts Payable s S 30,320 Accounts Receivable 197,616 124.664 11,800 0 Inventory 0 0 0 0 30,320 Total Current Liabilities 0 0 30,320 Total Current Assets Long-term Assets 334,080 Total Liabilities Stockholders' Equity 0 Common Stock 0 Retained Earnings 0 0 Total Stockholders' Equity 334,080 Total Liabilities and Stockholders' Equity 27,395 371,780 + 0 0 399,175 429,495 Total Assets S $ S