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I need help filling out the Income Statement and Balance Sheet with the information provided. Please help and thank you. At the end of 2022,
I need help filling out the Income Statement and Balance Sheet with the information provided. Please help and thank you.
At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $32,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,800 of the $32,800 loan discussed above is due next year. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,800 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,800. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,800. Adjustea GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Debit 89,490 52.800 2,680 9,800 1,180 83,560 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment * Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Warranty Liability Common Stock Retained Earnings Service Revenue 28,050 23,600 820 15,900 7,800 32,800 6,800 20,000 34,850 65,900 128,000 490 400 Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Total 39,900 18,650 1,200 31,000 3,100 2,150 3,800 15,900 21,900 680 6,800 382,400 $ 367,600 Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: r Service Revenue $ 65,900 Net Sales 65,900 0 $ 65,900 Gross Profit Operating Expenses: 0 $ 65,900 Gross Profit Operating Expenses Total Operating Expenses Operating Income (Loss) 65.900 Income Before Income Taxes 65,900 $ 65,900 Adjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Hoooooooooooo Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets
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