Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use the following adjusted Trial Balance for Great Adventures, Inc. to complete this assignment. Assume that Great Adventures, Inc. began its operations on January

image text in transcribedimage text in transcribed

Please use the following adjusted Trial Balance for Great Adventures, Inc. to complete this assignment. Assume that Great Adventures, Inc. began its operations on January 1, 2019. There were no identifiable transactions in 2018. You are asked to prepare the following statements utilizing the Excel file included with this assignment description. Note that the Excel file contains a separate tab for each statement: . . O Income Statement for the year ending December 31, 2019 Statement of Retained Earnings for the year ending December 31, 2019 Statement of Stockholders Equity for the year ending December 31, 2019 Balance Sheet at December 31, 2019 Statement of Cash Flows for the year ending December 31, 2019 For Earnings per Share (EPS) calculations, use 10,000 shares of common stock as the weighted average number of shares outstanding. Credit Debit 64,200 2,000 5,000 2,400 1,600 300 200 12,000 21,000 8,000 2,800 14,000 750 30,000 10,000 GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Cash Accounts Receivable Inventory Prepaid insurance Prepaid rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated depreciation Accounts payable Income tax payable Interest payable Notes payable Common stock ($1.00 par - 1,000,000 shares authorized, 10,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Dividends Merchandise Sales Revenue Sales returns and allowances Service revenue (Clinic) Service revenue (Racing) Advertising expense Cost of Goods Sold Depreciation expense Income tax expense Insurance expense Interest expense Legal fees expense Miscellaneous expense Rent expense Salaries expense Selling expese Supplies expense (Office) Supplies expense (Racing) 10,000 4,000 27,500 2,500 50,400 17,500 1,000 15,000 8,000 14,000 2,400 750 1,500 1,200 800 2,000 5,000 1,500 2,600 Totals 170,950 170,950 For EPS (earnings per share) calculations use 10,000 shares of common stock as the weighted average number of shares outstanding

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

12th Edition

0136128270, 9780136128274

More Books

Students also viewed these Accounting questions

Question

=+users become more knowledgeable?

Answered: 1 week ago