Income statement and balance sheet data for Great Adventures, Incorporated, are provided below.

GREAT ADVENTURES, INCORPORATED
Income Statement
For the Year Ended December 31, 2025
Net sales revenues		$ 199,680
Interest revenue		460
Expenses:
Cost of goods sold	$ 40,200
Operating expenses	72,140
Depreciation expense	18,950
Interest expense	11,024
Income tax expense	16,200
Total expenses		158,514
Net income		$ 41,626

GREAT ADVENTURES, INCORPORATED
Balance Sheets
December 31, 2025 and 2024
	2025	2024
Assets
Current assets:
Cash	$ 325,848	$ 64,840
Accounts receivable	50,660	0
Inventory	10,400	0
Other current assets	1,240	5,860
Long-term assets:
Land	840,000	0
Buildings	885,000	0
Equipment	97,020	57,000
Accumulated depreciation	(28,650)	(8,850)
Total assets	$ 2,181,518	$ 118,850
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable	$ 24,200	$ 3,480
Interest payable	1,600	920
Income tax payable	16,200	14,340
Other current liabilities	31,200	0
Notes payable (current)	82,363	0
Notes payable (long-term)	789,259	33,400
Stockholders equity:
Common stock	154,000	31,560
Paid-in capital	1,213,400	0
Retained earnings	61,296	35,150
Treasury stock	(192,000)	0
Total liabilities and stockholders equity	$ 2,181,518	$ 118,850

As you can tell from the financial statements, 2025 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child.

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