tony and suize graduate from

dventures Problem - Manual Posting - 5e 0 Saved 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 39,000 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 $19,500 of common stock to Suzie. Jul. 1 Sell $19,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $6,000 ($500 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 associated with incorporation. Jul. 4 Purchase office supplies of $1,900 on account. 7 Pay for advertising of $200 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $19,500 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 70 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 $3,900. Jul. 24 Pay $630 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives Cash of $7,000 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $33,000 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 68 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $20,800 cash. Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $7,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aud. 17 Tony conducts a second kavak elinie. and the company receives $11.600 cash. Prey 1 8 of 8 :: Next > dventures Problem - Manual Posting - 5e 0 Saved 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 39,000 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 $19,500 of common stock to Suzie. Jul. 1 Sell $19,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $6,000 ($500 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 associated with incorporation. Jul. 4 Purchase office supplies of $1,900 on account. 7 Pay for advertising of $200 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $19,500 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 70 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 $3,900. Jul. 24 Pay $630 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives Cash of $7,000 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $33,000 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 68 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $20,800 cash. Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $7,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aud. 17 Tony conducts a second kavak elinie. and the company receives $11.600 cash. Prey 1 8 of 8 :: Next >