need balance sheet and income statement

use pictures provided

ncorporation state that the corporation will sell 32,000 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. July 1 5ell 510,000 of comon stock to Suzie. July1Purchaseaane-yearinsurancepolicyfor$4,000(Sa0)pernonth)tocoverinjuries.toparticlpantsduringoutdoorisell$10,eQeofcomponstocktoTony. 7oly 1 clinics. huly 2 pay legal fees of 51,500 as sociated ulth incorparation, 7uly a Durehase office supplies of $1,000 on accoant. July 7 Pay $ sos to o local newspaper for advertising to appear inediately for an upconiog mountain biking clinte to be held. 2uly II. on July th. Attendees utdl be charged $50 the day of the clinic. July 15 . Purchase 10 moantain hikes, poylng $12,000 cash. Joly 22 mountain blking clinie. 3uly 24 conpany ceceives 52,300. Pay 170 to a local radlo station for advertising to appear innediately. A kayoking clinic ull1 be held on August 10 , and attendees can pay 3100 in advance on 1150 on the day of the clinfe. July 30 Greet adventures recelves total cash of 54,000 in advance from 40 kayakers for the upcoaing kayak clinic. the following trinsactions eccur over the renalnder, of 2024 . august 1 orept hidentures obtains a $30, 000 Lou-interest loan for the conpany fron the city councfi, which has recently passed an thittativn encouraging business developecat related to outdoor activities. The loon is due in three years, and b8 annual Interest is due esch yeor on 3 uly 31. the coepany purchases 14 kayaks, paying 528,000 cash. Aueves 19 Tony and suzie conduct the first kayak clinfe. In addition to the p4, ose that was received in advance fram kayakers on zuly 30, the corpany recelves additional cash of 53,000 fron 28 pei kayakens on the day of the cIInde. August i7 Tocy and Surle conduct a second kayak, clintc, and the conpany recelves 110,500 cash. August 26 offlece supplies of 11 , thoo purchased an loly 4 are paid in full. Septenber 1 To proulde bettee storoge of nountain bikes and kayaks when nat in use, the carsany rents a storage shed for one yrar. paying 52,4001 (520] per nonth) In advance. Septenher 21 tony and suzie conduct a rock-cifrbing clintc. The coopany cecedves s13,200 cakh, altinster, use a conpess, and oedent through heovily wooded areas. The conpany peceives $17, firs cash. cheokgoint to checkpolet usiog a combination of volentala biking. kayaking, oetenteeming. trail runining: and rockcunbing akille. The firit teon in each catepory to conplete ali eheckpoints in ordeciutes. The entry fee for each tean Is sse0. Becewbers. To helo pegandze and peopote the cace. Tony hares his. College roomate. Yictor. Victor will be pafa sso lin salary for. each tean that consetes in the pace. Hisisalary whll beipasd after the race. pecenben a The cospany payi 81,200 ce purchase a pernlt frow a state park where the race will be held. The anount is recorded as: findahing team In esch category. pronosional shirts, snack food and drinks foe participants, and fiela aarkecs ta jeasare the racecourse. Decenber 15 The company resplyas s2g, b0e cesh trou a cotal of forty teans, and the race in held. Decevlue 10 . The corpuny peys Vietan's talany of 12.010. marritad surie accepte and they get marricad The follownig infotmaton telates to yeer-end adjusting entries as of Decemper a1:2024. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Choose the appropriate accounts to be reported on the income statement. Select 'Adjusted' from the dropdown, then populate the balances in those accounts from the trial balance. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the the balance. Choose the appropriate accounts to be reported on the income statement. Select 'Adjusted' from the dropdown, then populate the balances in those accounts from the trial balance. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. RWP3-1 (Static) Great Adventures Continuing Problem (GL) Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activites 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 o 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, 2024. Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 32,000 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 activites occur during July for Great Adventures. July 22 noubtain bliking clinic. bectuse of the success of the 1 irst mountoin biking clinici rony and sumle bold another mountain biking clinic and the Julyin e company recedves 52,300s Pay 5700 ta A foceli radio stotion for afvertising to appear ianediately. koyaking cfinie wily. be neld on August 10, and attendes can poy 1100 . In advance on $150 an the didf of theicilnic. Lugust 4 the compeny parcheses 14 kayers, poying $20,000cask. August 24 oftice supplies of \$1, 60e purchosed on Duly 4 are paid company recefves $1e,500 casht. Seoteaber 1 To provide, betcer storege of nowntath bikey 4 ore poid in full. peytng \$2, 403 (\$200 per month) in advance. Vie. in use, the coepany rente ni storage shed for ane year. oltineter; vet a coagass, and orlent, thecugh, Dortfeigonts practice fon to uhderstand a topographical map, read an Decenter 1 Toty and Suzhe decide to hely the cooyany's fiegth yooded areas. The congany, recelves 31?, opo cash, tean is ssee. Jecenber 1 Tony and Suzte decide to hold the conpany's first adventure race on December 15. Four-person teansiuill race from checkpoint to checkpoint using a combination of mountoin biking, kayaking, arienteering. trail running, and rockclinbing sidlls. The first tean in each category to conplete all checkpoints in order wins. The entry fee far eoch tean is 5500 ; Decenber 5 To help organize and pronote the rece, fony hires his college rocimate, Victor, Victor yill be paid sse in salary for each tean that competed in the race. His salary will be paid after the race. Deceaber s. . The conpeny pays $1,209 to purchase a persit fron a state park where the race will be held. The amount is recorded as a niscelleneous expence. Decenber. 12. The company purchases ractin supplies for 52,803 an account due in 30 days. 5 iapplfes include trophles for the topfindshing teans In each category, promotional shirts, snack, foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives 520,000 cash from a total of forty teams, and the race is held, December 16 The conpany pays Victor's salary of $2,600. Decenber 31 The company pays a dividend of $4,000,($2,000 to Tony and $2,0e9 to 5uzle ). Decenber 31 Usine his personal money, Tony purchases a dianond ring for $4,500, Tony surprises suzie by proposing that they get inarried. Suale accepts and they. get narriedl The following information relates to year-end adjusting entries as of December 31,2024 , a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. b. Six months' of the one-year insurance policy purchased on July 1 has expited c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,800 of office supplies purchased on July 4,$300 remains. e. Interest expense on the 530,000 ioan obtained from the city council on August 1 should be recorded. f. Of the $2.800 of racing supplies purchased on December 12,$200 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. Choose the appropriate aocounts to be reported on the income statement. 5 elect 'Adjusted' from the dropdewn, which will then populate the balances in those accounts from the frial balance