NEED HELP WITH THE INCOME STATEMENT AND BALANCE SHEET. URGENT PLS HELP

Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Require... Journal General General Trial Income Balance Journal Ledger Balance Statem... Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closi to: Dec 31 General Ledger Account Dates: Jul 17 Cash No. Date Debit Credit 59,040 9,920 12,450 2 Jul 31 4 Aug 12 7 Sep 19 # 8 Sep 27 9 Oct 27 10 Nov 20 Accounts Receivable Balance No. Date Debit Credit Balance 37.100 35,000 96,140 5 Aug 22 37,440 72,440 86,220 8 Sep 27 22,464 49,976 73,770 13 Dec 08 44,640 94,616 96,234 73,284 153.924 22,464 22,950 80,640 Allowance for Uncollectible Accounts Date Debit Credit Balance Jul 17 3,500 Inventory Debit Credit No. Balance 12,450 12.300 9.920 No. Date Jul 17 1 Jul 17 3 Jul 31 4 Aug 12 6 Aug 22 9 Oct 27 11 Nov 20 12 12 Dec 04 14 Dec 08 15 Dec 31 8.310 0 12,450 150 10,070 1.760 24,710 5.780 27.740 16,920 9,400 22,950 18,930 21,960 10,820 7,520 Equipment Debit Credit No. Date Jul 17 Balance 56,000 Accumulated Depreciation No. Date Debit Credit Balance Jul 17 29,500 No. Date Jul 17 Interest Payable Debit Credit Balance 1,300 Accounts Payable No. Date Debit Credit Jul 17 1 Jul 17 12,450 7 Sep 19 12,450 12 Dec 04 21,960 Balance 5,000 17,450 5,000 26,960 Notes Payable Debit Credit No. Income Tax Payable No. Date Debit Credit Balance Jul 17 15,600 16 Dec 31 221,760 237,360 17 Dec 31 57,880 179,480 Date Jul 17 Balance 52,000 Common Stock Debit Credit Retained Earnings Debit Credit No. Date Jul 17 Balance 24,785 No. Date Jul 17 Balance 36,200 Service Revenue Debit Credit Balance No Sales Revenue Debit Credit Ralance No Date Date Interest Revenue Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original M watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Show less Post-closi GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit Cash 153,924 Accounts Receivable 94,616 Allowance for Uncollectible Accounts 3,500 Inventory 9,400 Equipment 56,000 Accumulated Depreciation 29,500 Account Accounts Payable 26,960 Interest Payable 1,300 Income ome Tax Payable 179,480 Notes Payable 52,000 Common Stock 24.785 Retained Earnings 36,200 Service Revenue 50,000 460 175 Depreciation Expense 21,500 Supplies Expense 1,600 Salaries Expense 35,000 Bad Debt Expense 3,500 Interest Expense 2,900 Rent Expense 3,500 Income Tax Expense 15,600 Insurance Expense 5,900 Total $ 403,900 $ 403,900 Sales Discounts a few business expansion she - participants wear muitiuse (o) watches, Beyond the timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. ints Book eference Jul. 17 Purchased 83 watches for $12,450 ($150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 $160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Require... Trial Income Balance Journal Ledger Balance Statem... Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Post-closi GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Supplies Expense 1,600 0 0 0 Net Sales 1,600 0 Gross Profit $ 1,600 Operating Expense: 0 0 0 0 Total Operating Expenses 0 Operating Income (Loss) 1,600 0 0 Income Before Income Taxes 1,600 0 $ 1,600 Great Adventures Problem AP6-1 (GL) ints [The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. Book eference Jul. 17 Purchased 83 watches for $12,450 $150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Post-closi GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 U 0 0 0 0 0 0 Total Current Liabilities 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ Total Liabilities and Stockholders $ 0 Equity Great Adventures Problem AP6-1 (GL) ints [The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. Book eference Jul. 17 Purchased 83 watches for $12,450 $150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Income Require... Balance Journal Ledger Balance Statem. Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal tab. 3. Review the adjusted 'Trial Balance as of December 31, 2022, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Require... Journal General General Trial Income Balance Journal Ledger Balance Statem... Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closi to: Dec 31 General Ledger Account Dates: Jul 17 Cash No. Date Debit Credit 59,040 9,920 12,450 2 Jul 31 4 Aug 12 7 Sep 19 # 8 Sep 27 9 Oct 27 10 Nov 20 Accounts Receivable Balance No. Date Debit Credit Balance 37.100 35,000 96,140 5 Aug 22 37,440 72,440 86,220 8 Sep 27 22,464 49,976 73,770 13 Dec 08 44,640 94,616 96,234 73,284 153.924 22,464 22,950 80,640 Allowance for Uncollectible Accounts Date Debit Credit Balance Jul 17 3,500 Inventory Debit Credit No. Balance 12,450 12.300 9.920 No. Date Jul 17 1 Jul 17 3 Jul 31 4 Aug 12 6 Aug 22 9 Oct 27 11 Nov 20 12 12 Dec 04 14 Dec 08 15 Dec 31 8.310 0 12,450 150 10,070 1.760 24,710 5.780 27.740 16,920 9,400 22,950 18,930 21,960 10,820 7,520 Equipment Debit Credit No. Date Jul 17 Balance 56,000 Accumulated Depreciation No. Date Debit Credit Balance Jul 17 29,500 No. Date Jul 17 Interest Payable Debit Credit Balance 1,300 Accounts Payable No. Date Debit Credit Jul 17 1 Jul 17 12,450 7 Sep 19 12,450 12 Dec 04 21,960 Balance 5,000 17,450 5,000 26,960 Notes Payable Debit Credit No. Income Tax Payable No. Date Debit Credit Balance Jul 17 15,600 16 Dec 31 221,760 237,360 17 Dec 31 57,880 179,480 Date Jul 17 Balance 52,000 Common Stock Debit Credit Retained Earnings Debit Credit No. Date Jul 17 Balance 24,785 No. Date Jul 17 Balance 36,200 Service Revenue Debit Credit Balance No Sales Revenue Debit Credit Ralance No Date Date Interest Revenue Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original M watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Show less Post-closi GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit Cash 153,924 Accounts Receivable 94,616 Allowance for Uncollectible Accounts 3,500 Inventory 9,400 Equipment 56,000 Accumulated Depreciation 29,500 Account Accounts Payable 26,960 Interest Payable 1,300 Income ome Tax Payable 179,480 Notes Payable 52,000 Common Stock 24.785 Retained Earnings 36,200 Service Revenue 50,000 460 175 Depreciation Expense 21,500 Supplies Expense 1,600 Salaries Expense 35,000 Bad Debt Expense 3,500 Interest Expense 2,900 Rent Expense 3,500 Income Tax Expense 15,600 Insurance Expense 5,900 Total $ 403,900 $ 403,900 Sales Discounts a few business expansion she - participants wear muitiuse (o) watches, Beyond the timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. ints Book eference Jul. 17 Purchased 83 watches for $12,450 ($150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 $160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Require... Trial Income Balance Journal Ledger Balance Statem... Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Post-closi GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Supplies Expense 1,600 0 0 0 Net Sales 1,600 0 Gross Profit $ 1,600 Operating Expense: 0 0 0 0 Total Operating Expenses 0 Operating Income (Loss) 1,600 0 0 Income Before Income Taxes 1,600 0 $ 1,600 Great Adventures Problem AP6-1 (GL) ints [The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. Book eference Jul. 17 Purchased 83 watches for $12,450 $150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Post-closi GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 U 0 0 0 0 0 0 Total Current Liabilities 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ Total Liabilities and Stockholders $ 0 Equity Great Adventures Problem AP6-1 (GL) ints [The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $720 each. Book eference Jul. 17 Purchased 83 watches for $12,450 $150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Income Require... Balance Journal Ledger Balance Statem. Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal tab. 3. Review the adjusted 'Trial Balance as of December 31, 2022, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab.