Required Information Great Adventures Problem AP2-1 [The following information applies to the questions displayed below.) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 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 1 Sell $19,000 of common stock to Suste. Jol. 1 Sell $19.000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4.680 ($390 per month) to cover injuries to participants during outdoor clinics. Jal. 2 Pay legal fees of $1,500 associated with incorporation Purchase oftice supplies of $1,500 on account. Jul. 7 Pay $300 to a local newspaper for advertising to appear inmediately for an upconing mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Jul. 3 Purchase 10 mountain bikes, paying 510,800 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $2,500 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 $3,000. Jul. 24 Pay 5840 to local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of 57,200 in advance from 60 kayakers for the upcoming kayak clinic. Great Adventures Problem AP2-1 Part 1 Great Adventures Problem AP2-1 The following information applies to the questions displayed below) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 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. 1 511 519,000 of common stoek to Suzle. 1 Sell 519,000 of common stock to Tony. ul. 1 Purchase a one-year Insurance policy for $4,680 ($390 per month) to cover Injuries to participante during outdoor clinice. Jul. 2 Pay legal fees of $1,500 associated with incorporation. Jol. 4 Purchase office supplies of 51.500 on account. Jul. 7 Pay $300 to a local newspaper for advertising to appear imediately for an upcoming mountain biking elinie to be held on July 15. Attendees will be charged 550 the day of the elinie. Jul. Purchase 10 mountain bikes, paying $10,800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,500 from 50 bikers. Tocy conducts the mountain biking clinic. Jul. 22 Because of the use of the first mountain bixing elinie, Tony holds another mountain biking clinic and the company receives 53,000. Jul. 24 Pay 5640 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jal. 30 Great Adventures receives cash of $7.200 in advance from 60 Xayakers for the upcoming kayak alinio
