Great Adventures Problem AP7-1 (GL) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,550 to GEICO for a one-year Insurance policy. The company spends an extra $6,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,750 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1.900 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General General Income Journal Ledger Trial Balance Balance Sheet Statement Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue $ 0 0 0 Not Sales 0 0 Gross profit Expense $ O will appear for each account, based your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: $ 0 0 0 0 Net sales 0 Gross profit Expense: 0 $ 0 Total operating expenses Operating income Non-operating items: 0 0 0 Income before Income Taxes 0 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is report- separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, ba your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Assets Current Assets 0 Total current liabilities Long-term liabilities: 0 0 Total Current Assets Long-term assets: Total liabilities Stockholders' Equity Total Assets Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity $ 0 0 $ Income Statement Balance Sheet Great Adventures Problem AP7-1 (GL) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,550 to GEICO for a one-year Insurance policy. The company spends an extra $6,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,750 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1.900 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General General Income Journal Ledger Trial Balance Balance Sheet Statement Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue $ 0 0 0 Not Sales 0 0 Gross profit Expense $ O will appear for each account, based your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: $ 0 0 0 0 Net sales 0 Gross profit Expense: 0 $ 0 Total operating expenses Operating income Non-operating items: 0 0 0 Income before Income Taxes 0 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is report- separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, ba your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Assets Current Assets 0 Total current liabilities Long-term liabilities: 0 0 Total Current Assets Long-term assets: Total liabilities Stockholders' Equity Total Assets Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity $ 0 0 $ Income Statement Balance Sheet
