Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the balance sheet to be filled that is all I NEED JUST THE BALANCE SHEET TO BE COMPLETED THANK YOU! Tony and Suzie
I need the balance sheet to be filled that is all I NEED JUST THE BALANCE SHEET TO BE COMPLETED
THANK YOU!
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 $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,000 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 $400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Debit 64,070 50,000 2,400 7,000 1,400 62.000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Interest Revenue Sales Discounts 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 Total 24.900 20,800 750 11,950 30,000 20,000 33,450 44,500 100.000 120 350 38,500 15,650 500 24,000 2.400 1,800 2,400 14,500 3.900 400 288,870 S 288,870 Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Assets Current Assets 0 Total current liabilities Long-term liabilities: 0 Total Current Assets Long-term assets: 0 Total liabilities Stockholders' Equity Common Stock Retained Earnings 20,000 178,070 Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity 198,070 198,070 Total Assets S SStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started