Help with income statement!
August 10 Tony and Suzie conduct the first kayak cilinic. In addition to the $9, 800 that was received in advance fron kayakers on July 30 , the company receives additional cash of $3,8e0 fron 28 new kayakers on the day of the clinic. August 17 Tony and Suzie conducts a second kayak clinic, and the company recefves $11,500 cash. August 24 office supplies of $2,6e0 purchased on July 4 are paid in futl." Septenber 1 To provide better storage of nountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,320 ( $360 per nonth) in advance. Septenber 21 Tony and Suzie conduct a rock-clinbing clinic. The company receives $13,600cash. October 17 Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altineter, use a compass, and orient through heavily wooded areas. The company receives $18,100 cash. Tony and Suzie decide to hold the company's first adventure race on Decenber 15 . Four-person teans will race from checkpoint to checkpoint using a conbination of mountain biking, kayaking, orlenteering, trait running, and rock-climbing skits. The first teas in each category to complete alt checkpoints in order wins. The entry fee for each tean is $590. Decenber 5 To help organize and pronote the race, Tony hires his college rooomate, Victor. Victor will be paid s6e in salary for each team that competes in the race. His salary will be paid after the race. Decenber 8 The company pays $1,680 to purchase a permit fron a state park where the race will be held. The anount is recorded as a misceltaneous expense. Decenber 12 The company purchases racing supplies for $2,300 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, pronotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives $23,600 cash from a total of forty teass, and the race 15 held. December 16 The conpany pays Victor's salary of $2,460. December 31 The company pays a dividend of $4,800($2,400 to Tony and $2,480 to 5uz1e). December 31 Using his personai money. Tony purchases a diamond ring for $4,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2024. they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,940. b. Six months' of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $2,000 of office supplies purchased on July 4,$340 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12,$270 remains. g. Suzie calculates that the company owes $14,400 in income taxes. Tony and Suzie graduate from college in May 2024 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'il hold 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, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures incorporated The articles of incorporation state that the corporation will sell 38,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures
