RWP$5-1($Algo$)$ Great Adventures Continuing Problem

$[$The following information applies to the questions displayed below.$]$

Tony and Suzie are ready to expand Great Adventures even further in $2025.$ Tony believes that many groups in the

community $($for example, Boys and Girls Clubs, church groups, civic groups, and local businesses$)$ would like to hold one$-$

day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag,

paintball, treasure hunts, scavenger hunts, nature hikes, and so on$.$ The purpose of these one$-$day events would be for

each member of the group to learn the importance of TEAM $($Together Everyone Achieves More$).$

Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to

participate in the event before paying. He offers a $4\%$ quick$-$payment discount to those that pay within $10$ days after the

event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a $20\%$

discount. For the first six months of the year, the following activities occur for TEAM operations.

January $24$ Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other

miscellaneous equipment for $$4,100$ cash.

February $25$ Kendall's Boys and Girls Club participates in a one$-$day TEAM adventure. Normally, Tony would charge a group

of this size $$2,600,$ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges

the group only $$2,100.$ Great Adventures provides these services on account.

February $28$ Great Adventures receives payment from the Boys and Girls Club for the full amount owed, less the $4\%$ quick$-$

payment discount.

March $19$ Reynold's Management has its employees participate in a one$-$day TEAM adventure. Great Adventures provides

services on account for $$3,100,$ and Reynold's agrees to pay within $30$ days.

March $27$ Great Adventures receives payment from Reynold's for the full amount owed, less the $4\%$ quick$-$payment

discount.

April $7$ Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $$6,600$

immediately and the event is scheduled for the following week.

April $14$ The TEAM adventure is held for members of the Elks Lodge.

April $30$ Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for

$$5,100,$ and Myers agrees to pay within $30$ days.

May $31$ Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three$-$

month, $7\%$ note receivable to replace the existing account receivable.

June $15$ Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for

$$19,500$ to these groups, with payment due in July.

WP$5-1$ Part $1$ Great Adventures Continuing Problem

equired:

Record TEAM adventure transactions occurring during the first six months of $2025.($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Note: Enter debits before credits.RWP$12-1($Algo$)$ Great Adventures Continuing Case $[$The following information applies to the questions displayed below.$]$ Income statement and balance sheet data for Great Adventures, Incorporated, are provided below. money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child.RWP$12-1($Algo$)$ Great Adventures Continuing Case Part $1$ Required: $1.$ Calculate the following risk ratios for $2025.($Use $365$ days in a year. Round your intermediate calculations and final answers to $1$ decimal place.$)$RWP$12-1($Algo$)$ Great Adventures Continuing Case Part $22.$ Calculate the following profitability ratios for $2025.($Use $365$ days in a year. Round your intermediate calculations and final answers to $1$ decimal place.$)$