question says its incomplete, cant find out what im missing. the zeros on the income statement are correct.
Great Adventures Problem AP6-1 (GL) [The following information applies to the questions displayed below.) Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle 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 $740 each Jul. 17 Purchased 36 watches for $12,980 ($150 per watch) on account Jul 31 Sold 84 watches for $62,160 cash. Aug. 12 Purchased 61 watches for $10,240 ($160 per watch) cash Aug. 22 Sold 54 watches for $39,960 on account. Sep. 19 Paid for watches purchased on July 17. Sep 27 Receive cash of $23,976 for watches sold on account on August 22. Oct. 27 Purchased 140 watches for $23,800 ($170 per watch) cash Hov 20 Sold 114 watches for 34,360 cash. Deo. 4 Purchased 124 watches for $22,320 ($150 per watch on account. Dec. Sold 64 watches for $42,360 on account Late in December, the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch, the MU I 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 Post-closing GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Sales Revenue $ 0 Service Revenue 50,500 0 0 Net Sales 50,500 Cost of Goods Sold 0 $ 50,500 0 0 Gross Profit Operating Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Depreciation Expense 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 50.500 0 0 Total Operating Expenses Operating Income (Loss) Interest Expense 50.500 0 0 50 500 Income Before Income Taxes Income Tax Expense Net Income 0 $ 50 500 Adjusted GREAT ADVENTURES IN Trial Balance December 31, 2022 Debit Credit Account Title 160,686 99,344 3,600 9,800 57,000 Cash Accounts Receivable Allowance for Uncollectible Accounts inventory Equipment umulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notos Payable Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense 30,000 27,520 1,350 15,700 54 000 25,220 36,450 50 500 233,840 470 180 59.460 22 000 1,700 36.000 36,450 50,500 233,840 470 180 Retained Earnings Service Revenue Sales Revenue Sales Discounts Pinterest Revenue Cost of Goods Sold Depreciation Expense Supphes Expense Salaries Expense Bad Debt Expense interest Expense Rent Expense Pincome Tax Expense Insurance Expense Total 59,460 22,000 1.700 36,000 3,600 3,000 3,600 15.700 6.000 478,360 $ 478,360
