Please somebody help this is due in an hour and i cant get this right. the last chegg help i got was incorrect and did not provide explainations

You received partial credit in the previous attempt. View previous att 75 Required information Great Adventures Problem AP3-1 (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 37,000 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 transactions occur from July 1 through December 31. Jul. 1 Sell $18,500 of common stock to Suzie. Jul. 1 Sell $18,500 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. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,300 on account. Jul. 7 Pay for advertising of $380 to a local newspaper for an upcoming mountain biking You received partial credit in the previous attempt. View previous attempt Jul. 4 Purchase office supplies of $1,300 on account. Jul. 7 Pay for advertising of $380 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $17,000 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $1,600 from 40 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 $2,000. Jul. 24 Pay $930 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $45,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,900 cash. Aug. 24 Office supplies of $1,300 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,720 ($310 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,700 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,300 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking Sep. ccounting Cycle 1 0 Saved Help Save & Exit Submit You received partial credit in the previous attempt. View previous attempt Aug. 4 The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,900 cash. Aug. 24 office supplies of $1,300 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,720 ($310 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,700 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,300 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1,600 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married Module 1: Accounting Cycle 1 Saved Help Save & Exit SL You received partial credit in the previous attempt. View previous atter 5 Required information art 4 of 5 Suzie by proposing that they get married. Suzze accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,800. b. Six months of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,300 of office supplies purchased on July 4, $400 remains, e Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,800 of racing supplies purchased on December 12, $260 remains. g. Suzie calculates that the company owes $13,100 in income taxes. Ints references Great Adventures Problem AP3-1 Part 5 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet. ALI - LR - Lebla. w You received partial credit in the previous attempt. Reveniles 07 Required information 20,000 Part 4 of 5 $ 77,200 5 points 1,100 Service Revenue (Racing) Total Revenues Expenses: Insurance Expense Legal Fees Expense Supplies (Office) Adfertising Expense Supplies Expense (Racing) Service Fee Expense Rent Expense References 1,310 2,540 1,240 1,200 1,300 3,200 Miscellaneous Expense Dividends Total Expense 11,890 65,310 $ You received partial credit in the previous attempt. View previous attempt Required information Income Statement Stmt of Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders Equity Balance at July 1 Issuance of Common Stock Dividends Net Income for 2021 Income Statement Balance Sheet > 2 5 6 View previous attemp Required information GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Current Liabilities: Accounts Payable Income Tax Payable Interest Payable + Total Current Assets Long-term assets: Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Total Current Liabilities Notes Payable 0 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 S Total Assets S SEP X You received partial credit in the previous attempt. View previous att 75 Required information Great Adventures Problem AP3-1 (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 37,000 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 transactions occur from July 1 through December 31. Jul. 1 Sell $18,500 of common stock to Suzie. Jul. 1 Sell $18,500 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. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,300 on account. Jul. 7 Pay for advertising of $380 to a local newspaper for an upcoming mountain biking You received partial credit in the previous attempt. View previous attempt Jul. 4 Purchase office supplies of $1,300 on account. Jul. 7 Pay for advertising of $380 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $17,000 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $1,600 from 40 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 $2,000. Jul. 24 Pay $930 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $45,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,900 cash. Aug. 24 Office supplies of $1,300 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,720 ($310 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,700 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,300 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking Sep. ccounting Cycle 1 0 Saved Help Save & Exit Submit You received partial credit in the previous attempt. View previous attempt Aug. 4 The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,900 cash. Aug. 24 office supplies of $1,300 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,720 ($310 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,700 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,300 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1,600 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married Module 1: Accounting Cycle 1 Saved Help Save & Exit SL You received partial credit in the previous attempt. View previous atter 5 Required information art 4 of 5 Suzie by proposing that they get married. Suzze accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,800. b. Six months of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,300 of office supplies purchased on July 4, $400 remains, e Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,800 of racing supplies purchased on December 12, $260 remains. g. Suzie calculates that the company owes $13,100 in income taxes. Ints references Great Adventures Problem AP3-1 Part 5 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet. ALI - LR - Lebla. w You received partial credit in the previous attempt. Reveniles 07 Required information 20,000 Part 4 of 5 $ 77,200 5 points 1,100 Service Revenue (Racing) Total Revenues Expenses: Insurance Expense Legal Fees Expense Supplies (Office) Adfertising Expense Supplies Expense (Racing) Service Fee Expense Rent Expense References 1,310 2,540 1,240 1,200 1,300 3,200 Miscellaneous Expense Dividends Total Expense 11,890 65,310 $ You received partial credit in the previous attempt. View previous attempt Required information Income Statement Stmt of Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders Equity Balance at July 1 Issuance of Common Stock Dividends Net Income for 2021 Income Statement Balance Sheet > 2 5 6 View previous attemp Required information GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Current Liabilities: Accounts Payable Income Tax Payable Interest Payable + Total Current Assets Long-term assets: Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Total Current Liabilities Notes Payable 0 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 S Total Assets S SEP X