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HHow to get the answer? GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash > $ 21,600 950 >

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GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash > $ 21,600 950 > Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Itt 214,912 50,800 (2,480) 7,800 980 > Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) 14,900 5,800 56,096 0 99,346 O 0 2 12,800 0 4,800 Total Current Assets 272,012 116,946 Total Current Liabilities Contingent Liability Warranty Liability Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Long-term Assets: Treasury Stock ON 128.000 Land Equipment Buildings Accumulated Depreciation OKKIX 114,000 580,000 70,240 820,000 (26,050) 976,800 94,798 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,199,598 $ 1,316,544 Total assets $ 1,830,202 $ 133,610 For the Period Ended December 31, 2022 Sales Discounts (390) Service Revenue Os 44,900 Sales Revenue 128,000 0 Net Sales 172,510 Cost of Goods Sold 38,900 Gross Profit Operating Expense Depreciation Expense - 17,650 Supplies Expense 700 Salaries Expense 26,000 Bad Debt Expense 2,600 Interest Expense 7,782 Rent Expense 2,800 Insurance Expense 6,100 Repairs and Maintenance Expense 480 Warranty Expense 4,800 Loss 12,800 Total Operating Expenses Operating Income (Loss) Interest Revenue Retained Earnings Income Before Income Taxes Loss Net Loss U0000OOOO SOCO 81,712 51,898 200 33,850 85,948 12,800 73,148 $ Great Adventures Problem AP10-1 (GL) Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect holders' equity during the remainder of 2022: November 5 Issue an additional 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (i.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. Declare a cash dividend on its common stock of $12,200 ($0.10 per share) to all stockholders of record on December 1 December 15. December 20 Pay the cash dividend declared on December 1. Pay $820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December 31 Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. Nov 05 Cash 1,080,000 Common Stock Additional Paid-in Capital 108,000 972,000 Nov 16 205,200 Treasury Stock Cash 205,200 Nov 24 96,000 Cash Treasury Stock Additional Paid-in Capital 91,200 4,800 4. Dec 01 12,200 Dividends Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 7 Dec 31 Cash 8 Dec 31 Cash Dec 31 No Transaction Recorded GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash > $ 21,600 950 > Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Itt 214,912 50,800 (2,480) 7,800 980 > Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) 14,900 5,800 56,096 0 99,346 O 0 2 12,800 0 4,800 Total Current Assets 272,012 116,946 Total Current Liabilities Contingent Liability Warranty Liability Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Long-term Assets: Treasury Stock ON 128.000 Land Equipment Buildings Accumulated Depreciation OKKIX 114,000 580,000 70,240 820,000 (26,050) 976,800 94,798 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,199,598 $ 1,316,544 Total assets $ 1,830,202 $ 133,610 For the Period Ended December 31, 2022 Sales Discounts (390) Service Revenue Os 44,900 Sales Revenue 128,000 0 Net Sales 172,510 Cost of Goods Sold 38,900 Gross Profit Operating Expense Depreciation Expense - 17,650 Supplies Expense 700 Salaries Expense 26,000 Bad Debt Expense 2,600 Interest Expense 7,782 Rent Expense 2,800 Insurance Expense 6,100 Repairs and Maintenance Expense 480 Warranty Expense 4,800 Loss 12,800 Total Operating Expenses Operating Income (Loss) Interest Revenue Retained Earnings Income Before Income Taxes Loss Net Loss U0000OOOO SOCO 81,712 51,898 200 33,850 85,948 12,800 73,148 $ Great Adventures Problem AP10-1 (GL) Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect holders' equity during the remainder of 2022: November 5 Issue an additional 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (i.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. Declare a cash dividend on its common stock of $12,200 ($0.10 per share) to all stockholders of record on December 1 December 15. December 20 Pay the cash dividend declared on December 1. Pay $820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December 31 Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. Nov 05 Cash 1,080,000 Common Stock Additional Paid-in Capital 108,000 972,000 Nov 16 205,200 Treasury Stock Cash 205,200 Nov 24 96,000 Cash Treasury Stock Additional Paid-in Capital 91,200 4,800 4. Dec 01 12,200 Dividends Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 7 Dec 31 Cash 8 Dec 31 Cash Dec 31 No Transaction Recorded

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