nting Cycle Project #1 instructions I help Questions 1-2 (of 7) Additional Perspectives 2-1 Tony and Suzie graduate from college in May 2018 and begin developing their new business. They begin by offering clinics for basic 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, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 32000 shares of common base, they'll hold their first adventure e reces. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking races will stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following business activities occur during July for Greet Jul. 1 Sell $16,000 of common stock to Suzie. Jul. 1 Sell $16,000 of common stock to Tony. Jul. 1 Jul. 2 Pay legal fees of $1,400 associated with incorporation Jul. 4 Purchase office supplies of $1,600 on account. Jul. 7 Pay for Jul. 8 Purchase 10 mountain bikes, paying $11,000 cash Jul 15 On the day of the clinic, Great Adventures receives Jul. 22 Jul. 24 Pay for advertising of $700 to a local Jul. 30 Great Adventures receives cash of $7000 in advance from 50 kayakers for the upcoming kayak clinic. e policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics of $280 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 the day of the clinic. cash of $3,200 from 80 bikers. Tony conducts the mountain bilking clinic. t biking clinic, Tony holds another mountain biking clinic and the company receives $3,550 of the s of the first radio station for a kayaking clinic to be held on August t0. Attendees can pay $140 in advance or $190 on the day of the clinic. References 5 6 7 9