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i understand there's a lot of parts to the question, but please do as many as possible! much appreciated The following information applies to the
i understand there's a lot of parts to the question, but please do as many as possible! much appreciated
The following information applies to the questions displayed below.j On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances ar provided for the month ended July 31. The articles of incorporation state that the corporation will sell 24,000 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. Jul. 1 Sell $12,000 of common stock to Suzie Jul. 1 Sell $12,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,160 ($430 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,000 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $380 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $14,100 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,000 from 50 bikers. Tony conducts the mountain biking clinic Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3,400. Jul. 24 Pay for advertising of $910 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures recelves cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $46,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoo activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $16,500 cash. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 cash. Aug. 24 Office supplies of $1,800 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $3,720 ($310 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,400 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,800 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking. orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $590 Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race.Dec. 8 The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.Dec. 12 The company purchases racing supplies for $2,300 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.Dec. 15 The company receives $23,600 cash from a total of forty teams, and the race is held.Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $3,900 ($1,950 to Tony and $1,950 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,900. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get marriedStep by Step Solution
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