Hi, can you look over my assignment and let me know if it meets all the requirements?

Here is the case study::

Exhibit 1 (continued) Panel B: Additional information from Hopkins's box of notes, letters, and e-mails 16. In a December e-mail exchange with one of CUCTC's main suppliers of miscellaneous retail provisions available for purchase by tour customers (e.g., waterproof disposable cameras, T-shirts, canyon maps, and framed photos), Norris noted that the supplier had begun granting 30-day credit terms to CUCTC. The e- mail string had confirmed receipt of $1,200 worth of supplies by CUCTC on December 20, and the check register had shown no related payment by year-end. 17. There was a ribboned certificate, dated November 30, declaring CUCTC as one of the region's most promising outdoor-based start-up companies of the year. It was from the Western Colorado Environmental Alliance. In Hopkins's handwriting and next to a smiley face, Norris saw a note, "Yeah, me. My stock just got more valuable." 18. November must have been a slow month for CUCTC. Norris found a handwritten note that Hopkins had made: Took five college buddies on a four-day tour...no other business that week. ..we had a blast... no life-threatening injuries. They will pay $1,000 each in the new year after they receive their year-end bonuses. 19. There was a letter from a Missouri law firm notifying Hopkins that a customer was suing CUCTC for medical bills and negligence related to a biking accident on one of the summer tours. The suit was seeking $250,000. Norris had asked Hopkins about this: Oh, that was a crazy guy who ignored our instructions and cautions when we had to navigate through a boulder field in Diablo Canyon. He took a spill and broke his arm. He was a pain in the 20. There was one more letter in the box. This one was from Ute Recreational Equipment Inc. informing Hopkins that he could purchase five of the ATVs he had frequently used for $5,000 each. Hopkins had noted in the margin under a "To Do" header, "Sounds appealing, send letter of intent to accept the offer." No such letter had been sent by the end of the year 21. Norris had requested that on December 31, Hopkins take a tally of the retail merchandise on hand and available for sale to customers and the general public. Norris retrieved the e-mail Hopkins had sent him indicating that $900 of retail provisions were on hand on December 31.Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Calibri 11 A A General EX AutoSum ab Wrap Text AY O Fill Paste Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & B = Formatting * Table Styles Clear ~ Filter ~ Select Clipboard Font Alignment F Number Styles Cells Editing A1 X V A B C D E F G H J K L M N P Q 4 GJ1 General Journal 2015 F. Debit Credit 1 1-1 Cash 60,000.00 Capital, Hopkins' Stock 60,000.00 Purchased 1,000 shares of its stock . 2 1/1 Equipment 22,000.00 Cash 22,000.00 10 Purchased quality cross-country skis, ropes, snowshoes, and backpacks for tour equipments. 11 12 3 1-2 Prepaid Insurance 9,000.00 13 Cash 9,000.00 14 For 18 months of business liability insurance. 15 16 12-31 Insurance Expense 6,000.00 17 Prepaid Insurance 6,000.00 18 To seal the last 18 months of business liability insurance. 19 20 1-2 Law Firm Expense 2,000.00 21 Cash 2,000.00 22 To record payment to a local law firm for setting up the company. 23 24 5 1-2 Equipment 50,000.00 25 Notes Payable 30,000.00 26 Cash 20,000.00 27 To record acquired 8 used snowmobiles w/ payable dated on Feb.1 to High Mesa Equipment Company. 28 General Journal Balance Sheet Income Statement + + 80% Ready 10:22 AM Type here to search O m O 98% 16'C A D ( $2 (7 10) ENG 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X Share File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do AutoSum Calibri 11 A ab Wrap Text General EX A AY O Fill Paste Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & B Formatting * Table Styles Clear ~ Filter ~ Select Clipboard Font Alignment F Number Styles Cells Editing A1 X V B C E G A D F H J K L M N P Q 4 29 12-31 Interest Expense 1,100.00 30 Cash 1,100.00 31 For the annual interest rate of 4% owed. (4% x 30,000 = 1,200 - 100 (only for 11 months) 32 33 6 12-31 Subcontractor Expenses 52,000.00 34 Cash 52,000.00 35 To record recurring payments to tour guides. 36 37 7 12-31 Cash 38 Unearned Revenue 3,600.00 39 Revenue 40 To record the check register. 41 42 12-31 Owner's Salary Expense 36,000.00 43 Cash 36,000.00 44 To record check disbursements. (3,000 x 12 months) 45 46 9 12-1 Rent Expense, Barn 18,000.00 47 Cash 18,000.00 48 To record rental payments. (1,500 x 12 months) 49 50 10 12-31 Rent Expense, ATV 19,800.00 51 Cash 19,800.00 52 ATV rental payments for the whole year. 53 54 11 12-31 Expenditures Expense 8,000.00 55 Cash 8,000.00 56 To record expenses on fuel, food, and miscalleneous supplies spent on tours. General Journal Balance Sheet Income Statement + + 80% Ready 10:24 AM Type here to search O O 98% @ 16"C A D ( $2 (7 41)) ENG 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share AutoSum Calibri 11 A A ab Wrap Text General EX AY O Fill Conditional Format as Cell Insert Delete Format Sort & Find & Paste B A Merge & Center $ ~ % " Formatting * Table Styles Clear ~ Filter ~ Select Cells Editing Clipboard Font Alignment F Number Styles A1 X V F M N P Q 4 A B C D E G H J K L 58 12-31 Inventory 14,700.00 59 Cash 14,700.00 60 Cash expenditures from customers retail provisions. 61 62 13 4-1 Interest Expense, Todd's Mountain Bikes 10,000.00 63 Cash 10,000.00 64 To note one-quarter partnership interest. 65 66 14 Advertising Expense 1,600.00 67 Cash 1,600.00 68 For June's issue on regional outdoor adventure magazine advertising. 69 70 12-1 Advertising Expense 1,600.00 71 Cash 1,600.00 72 For December's issue regional outdoor adventure magazine advertising. 73 74 15 1-1 Cash 23,000.00 75 Revenue Sales 23,000.00 76 To record mechandise retail sales made and collected. 77 78 16 12-20 Merchandise Inventory 1,200.00 79 Accounts Payable 1,200.00 80 To record missed payment from a supplier. 81 82 18 11-1 Accounts Receivables 5,000.00 83 Revenue 5,000.00 84 To record the collecion of Hopkin's college buddies outing. 85 General Journal Balance Sheet Income Statement + + 80% Ready 10:25 AM Type here to search O O 98% 16"C A D ( $3 (7 41)) ENG 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X Home Insert Formulas Data Review Tell me what you want to do Share File Page Layout View Help EX 1 21 AutoSum 11 A A ab Wrap Text General AY Fill Sort & Find & Paste Cell Insert Delete Format BIU~ ~ A $ Conditional Format as E Merge & Center % 00 Formatting Table Styles v Clear * Filter ~ Select Alignment Number Styles Cells Editing Clipboard Font SUM X V A B C D E F G H J K L M N O P Q 4 80 To record missed payment from a supplier. 81 82 18 11-1 Accounts Receivables 5,000.00 83 Revenue 5,000.00 84 To record the collecion of Hopkin's college buddies outing. 85 86 21 12-31 Cost of Goods Sold 900.00 87 Inventory 900.00 88 To tally a retail merchandise on hand. 89 90 12-31 Accounts Payable 1,200.00 91 Merchandise Inventory 1,200.00 92 To close missed payment from a supplier. 93 94 12-31 Merchandise Inventory 900.00 95 Cost of Goods Sold 900.00 96 To tally a retail merchandise on hand. 97 98 12-31 Cost of Goods Sold 14,100.00 99 Merchandise Inventory 14,100.00 100 To tally a retail merchandise on hand. 101 102 103 104 105 106 107 General Journal Balance Sheet Income Statement + + 80% Enter 10:25 AM Type here to search O O X 98% 16 0C A D ( $2 ( 41) ENG 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share 11 A A ab Wrap Text General EX 1 21 AutoSum AY Fill Paste BIU~ ~ ~A Merge & Center $ % Cell 00 Conditional Format as Insert Delete Format Sort & Find & Formatting " Table Styles Clear * Filter ~ Select Clipboard Font Alignment Number N Styles Cells Editing AZ X V 'Balance Sheet "! A B C D E F G H J K L M N O P Colorado & Utah Canyons Tour Company Balance Sheet UI AWN For Year Ended December 31, 2015 ASSETS Current Assets Cash S 32,800.00 Accounts Receivable 5,000.00 Merchandise Inventory 900.00 10 Prepaid Insurance 3,000.00 11 12 Total Current Assets 13 14 Property and Equipment 15 Equipment 72,000.00 16 Less: Depreciation 74,300.00 17 TOTAL ASSETS 39,400.00 18 19 LIABILTIES 20 Current Liabilities 21 Accounts Payable S 1,200.00 22 Unearned Revenue 3,600.00 23 Note Payable 30,000.00 Total Liabilities 2s onn on General Journal Balance Sheet Income Statement + Point + 80% Type here to search O O X @ 17' C A DIAZ 10:26 AM 98% Meet Now F ()) ENG 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share 1 21 AutoSum 11 A A ab Wrap Text General EX AY Fill Paste BIU~ ~ ~A Merge & Center $ % Conditional Format as Cell Insert Delete Format Sort & Find & 00 Formatting * Table Styles Clear * Filter ~ Select Clipboard Font Alignment Number N Styles Cells Editing AZ X V 'Balance Sheet "!0 A B C D E F G H J K L M N O P 10 Prepaid Insurance 3,000.00 11 12 Total Current Assets 13 14 Property and Equipment 15 Equipment 72,000.00 16 Less: Depreciation 74,300.00 17 TOTAL ASSETS 39,400.00 18 19 LIABILITIES 20 Current Liabilities 21 Accounts Payable S 1,200.00 22 Unearned Revenue 3,600.00 23 Note Payable 30,000.00 24 Total Liabilities $ 34,800.00 25 26 OWNER'S EQUITY 27 Common Stock S 60,000.00 28 Less: Retained Earnings 14,200.00 29 Total Equity $ 74,200.00 30 31 TOTAL LIABILITIES & EQUITY 39,400.00 General Journal Balance Sheet Income Statement + Enter + 80% Type here to search O O X 98% @ 17'C A D C $2 (7 4)) ENG 10:26 AM 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share 11 A A ab Wrap Text General EX 1 21 AutoSum AY Fill Paste BIU~ ~ A Merge & Center $ % Cell 00 Conditional Format as Insert Delete Format Sort & Find & Formatting " Table Styles Clear * Filter ~ Select Clipboard Font Alignment Number N Styles Cells Editing A1 X V 'Balance Sheet "!'Income Statement "! A B C D E F G H J K L M N O P Colorado & Utah Canyons Tour Company Income Statement UI AWN For Year Ended December 31, 2015 REVENUE $ 167,000 Revenue Sales 23,000 Less: Sales Return & Allowances LD 00 Net Sales 190,000 10 Less: COGS $ 15,000 11 Gross Profit from sales 175,000 12 13 OPERATING EXPENSES: 14 Advertising Expense 3,200 15 Law Firm Expense 2,000 16 Insurance Expense 6,000 17 Rent Expense 37,800 18 Owner's salary Expense 36,000 19 Subcontractor Expense 52,000 20 Expenditures Expense 8,000 21 Total operating expenses 145,000 22 S 80,000 23 General Journal Balance Sheet Income Statement + Point + 80% Type here to search O O X 98% @ 17'C A D ( $2 (7 4)) ENG 10:27 AM 2021-09-09Phase_3_Colorado_Utah_Canyons_Tour_Company.xIsx - Excel A Kyle Cameron X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share 11 A A ab Wrap Text General EX 1 21 AutoSum AY Fill Paste BIU~ ~ A Merge & Center $ % Conditional Format as Cell Insert Delete Format Sort & Find & 00 Formatting * Table Styles Clear * Filter ~ Select Clipboard Font Alignment Number N Styles Cells Editing A1 X V "Balance Sheet "!'Income Statement "! A B C D E F G H J K L M N O P REVENUE 167,000 Revenue Sales 23,000 Less: Sales Return & Allowances Net Sales 190,000 10 Less: COGS $ 15,000 11 Gross Profit from sales 175,000 12 13 OPERATING EXPENSES: 14 Advertising Expense 3,200 15 Law Firm Expense 2,000 16 Insurance Expense 6,000 17 Rent Expense 37,800 18 Owner's salary Expense 36,000 19 Subcontractor Expense 52,000 20 Expenditures Expense 8,000 21 Total operating expenses 145,000 22 S 30,000 23 24 Other revenues and expenses: 25 Interest Expense 11,100 26 Profit/Loss S 18,900 7 General Journal Balance Sheet Income Statement + Point + 80% 10:27 AM Type here to search O O X 98% @ 17'C A D C $2 (7 4)) ENG 2021-09-09Colorado & Utah Canyons Tour Company Ron Hopkins had just finished his first year as founder, president, head mechanic, chief cook, and lead tour guide for the Colorado & Utah Canyon Tours Company (CUCTC). The company offered tours of the canyon lands located in western Colorado and eastern Utah. Depending on the season, a variety of tours were available including summertime rafting, hiking, horseback riding, and ATV tours as well as wintertime snowmobile, nowshoe, and cross-country ski tours. The first year had been a good one, and Hopkins thought he probably had made a small profit-after all, he had ended the year with a positive balance in the CUCTC checking account, and he had not gone hungry. Among the many roles and tasks he performed at CUCTC, however, accountant/bookkeeper was not one of them. For that task, he had called his former college roommate, Chris Norris, and offered him a free four-day summer ATV tour in exchange for preparation of a set of financial statements suitable for a $300,000 loan application he intended to make at Lofton National Bank next month. Norris, an avid outdoorsman, jumped at the offer, and he planned to spend the upcoming weekend organizing the CUCTC financial notes and records Hopkins had sent him. Company Background After college, Hopkins had worked for six summers as a seasonal U.S. Forest Service employee in southwestern Colorado. In that capacity, he had helped maintain backcountry forest roads, led a small team of other seasonal employees building new hiking trails, liaised with ranchers on some recurring cattle-grazing issues, and he had even been called on to help fight some sizeable forest fires. All in all he had loved the life and the land. He also loved the fact that when forestry season ended, he signed on with a nearby ski resort as a snowmobile tour guide and mechanic. He had not saved much money during the six years he had spent cobbling together his "careers" but he was not yet 30, was fit as any big-time college athlete, and hadn't spent more than a handful of days at a desk since graduating from college. Owning and operating his own outdoor recreational business had not been a thought he had harbored upon graduation, but after about three years, he knew he would someday. He liked the high aspen meadows; the craggy peaks of the Rocky Mountains; and the long, black diamond-rated ski runs of Aspen, Colorado, Park City, Utah, and the Durango Mountain, Sunlight Mountain, and Telluride ski resorts in Colorado. But he also loved the canyons. He loved the beige, brown, rust, and red colors of their cliff walls. He loved the sheer cliffs and the distinct layers of untouched earth laid bare by eons of wind and water. He loved the labyrinth of passages that held surprises around every turn. He loved the profound quiet of the dusks and dawns when he was 100 feet below plains level And he loved the caves with their rapidly changing shadows. He loved the new experiences that nature inevitably provided for all his clients.Pare 2 UVA-C-2164 The day had finally arrived when with a lot of encouragement from his girlfriend, Ma, he decided in establish CUCTC and give it his full-time effort. He rented and fixed up a well-built has not far from the Colorado-Uish border, and he opened CUCTC for business on January 1. Hopkins had watched some local small outfitters and four companies start up, staple, and ultimately fail. He knew four of the keys to success in the outdoor your business offer a variety of appealing outings, maintain low overhead costs, provide excellent and personable service, and know your limitations. He had parlayed his relationships with a number of forest service manager to obtain the needed permissions to traverse some selected wails/coures he had enjoyed exploring through the years. He also had become good friends with some neighboring rancher from whom he could reat homes when needed Moreover, he had arranged for preferred customer stamos with Ure Recreational Equipment Inc. from whom he could rent reliable, comfortable ATV's with as hile as two-weeks' notice. The Records As Noms sat down to organize the information Hopkins had sent him, he decided to summarize the events depicted throughout the year in Hopkins's checkbook registers. Hopkins had had the foresight to establish an additional checking account just for all the CUCTC activities. Therefore, Norris was pretty sure that there would be no comingling of personal and business transactions in the checkbook that Hopkins had sent him. As Nomis reviewed the CUCTC checkbook, most of the entries were repeated a number of times during the course of the year, and their attendant notations provided information, such as ATV mental expense, food purchases, insurance, and customer payments. He noticed a few large-dolber entries that had occurred only once of twice during the year, and he kept those separate from the recurring ones. After completing his summary of the check register entries (Pand A in Exhibit 1), Norris read the miscellaneous notes, letter, and e-mails that Hopkins had also provided. Most of those items pertained in ideas for new weeks, advertisements of the best equipment innovations, and correspondence describing things discovered or expenenced on a number of that year's tours. There were, however, some items that were potentially relevant for constricting the year's balance sheet and income statement. That information he summarized in another file (Panel B in Exhibit I- With the two summary files, Noms thought he had all he needed for crafting a balance sheet and income statement for CUCTC's first calendar year of operations. Accounting and financial statement preparation was not a typically high-drama endeavor, but he had to adonit that he was caper to see how Hopkins's new business had done. Required 1. Using the information presented in Exhibit 1, prepare the appropriate accounting journal entries. Note that for a specific event that recurs several times during the year, one joumal entry for its total amount that year should be made. 2 From the work performed in question 1, prepare a balance sheet and income sistement for CUCTC as of the end of its first year of operations 3. What additional information does Noms need in sk Hopkins shout and why before declaring the financial statements, prepared in question two above, final?Pare 1 UVA-C-2164 Exhibit 1 Colorado & Utah Carryons Tour Company Panel A: Summary of current year business events from the CUCTC checkbook register 1. Ron Hopkins established CUCTC and purchased 1000 shares of its stock, buying all 1,100 shares for $601000, thus becoming the founder and sole owner of the company- 2 At the beginning of the year, Hopkins purchased, with $22,000 cash, quality cross-country skis, mopes, snowshoes, and backpacks, all of which would be used on the various tours for at least a couple of years. 3. On January 2, Hopkins paid $9 000 for 18 months of business liability insurance. 4. Hopkins paid $2,000 to a local law firm for setting up the company- 5. Hopkins acquired eight used snowmobiles, paying $20,000 cash and signing a $30 000 note dated Febmiary I that was payable to the High Mex Equipment Company. The note's principal was due in full on its four- year anniversary dale It camed an annual interest rate of 4%%, and interest was owed at the end of each month. High Mesa had insisted on a direct bank account withdrawal arrangement with CUCTC 6 Recoming payments to subcontracted tour guides and helpers totaled $52,000 for the year. 7. The check repister showed a tial of $165,C00 collected from customers for wanous tour All tour were prepaid in full at the time of reservation. As of December 31, Norris ascensined that $3,600 of the $165,600 was for trips scheduled early in the new year. & At the ead of every month, there had been a $3000 check disbursed to Hopkins with "salary" as the solahon.' 4. At the beginning of every month, there had been a $1,500 check issued for the rental of the barn from which CUCTC operated. 10. There were checks made out to Ure Recreational Equipment Inc. for ATV rental several times during the year. For the year, those checks totaled $19 800. 11. Expendineres for fuel, food, and miscellaneous supplies used on the tours totaled $4010 for the year. 12. Cash expenditures for retail provisions stocked in the barn's front showroom and available for sale to tour customer and others who walked in intaled $14,700. 13. There had been a $10,000 April check made payable to Todd's Mountain Bikes The reference line in the regaler noted, "one-quarter partnership interest." 14. Hopkins had paid $1,600 twice for an ad in a repional quarterly outdoor adventure magazine The first check was dated June 1. The second check was dated December 1 and was for the magazine's December 15. Retail merchandise sales made and collected totaled $23,000