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Tony and Suzie graduate from college in May 2 0 2 4 and begin developing their new business. They begin by offering clinics for basic
Tony and Suzie graduate from college in May 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 fourperson 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 Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell shares of common stock for $ each. Each share of stock represents a unit of ownership. Tony and Suzie will act as copresidents of the company. The following business activities occur during July for Great Adventures. July Sell $ of common stock to Suzie. July Sell $ of common stock to Tony. July Purchase a oneyear insurance policy for $ $ per month to cover injuries to July participants during outdoor clinics. July Pay legal fees of $ associated with incorporation. July Purchase office supplies of $ on account. Pay $ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July Attendees will be charged $ the day of the clinic. July Purchase mountain bikes, paying $ cash. July On the day of the clinic, Great Adventures receives cash of $ in total from bikers. Tony July and Suzie conducts the mountain biking clinic. July mountain biking clinic and the company receives $ Pay $ to a local radio station for advertising to appear immediately. A kayaking clinic will July Great Adventures receives total cash of $ in advance from kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of August Great Adventures obtains a $ lowinterest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor August activities. The company purchases kayaks, paying $ cash. August Tony and Suzie conduct the first. kayak clinic. In addition to the $ that was received in advance from kayakers on July the company receives additional cash of $ from twenty new kayakers on the day of the clinic. August Tony and Suzie conducts a second kayak clinic, and the company receives $ cash. August Office supplies of $ purchased on July are paid in full. September To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $ $ per month in advance. SeDtember Tonv and Suzie conduct a rockclimbina clinic. The combanv receives $ cash.
Tony and Suzie graduate from college in May 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 fourperson 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 Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell shares of common stock for $ each. Each share of stock represents a unit of ownership. Tony and Suzie will act as copresidents of the company. The following business activities occur during July for Great Adventures.
July Sell $ of common stock to Suzie.
July Sell $ of common stock to Tony.
July Purchase a oneyear insurance policy for $ $ per month to cover injuries to
July participants during outdoor clinics.
July Pay legal fees of $ associated with incorporation.
July Purchase office supplies of $ on account.
Pay $ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July Attendees will be charged $ the day of the clinic.
July Purchase mountain bikes, paying $ cash.
July On the day of the clinic, Great Adventures receives cash of $ in total from bikers. Tony
July and Suzie conducts the mountain biking clinic.
July mountain biking clinic and the company receives $
Pay $ to a local radio station for advertising to appear immediately. A kayaking clinic will
July Great Adventures receives total cash of $ in advance from kayakers for the upcoming kayak clinic.
The following transactions occur over the remainder of
August Great Adventures obtains a $ lowinterest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor
August activities. The company purchases kayaks, paying $ cash.
August Tony and Suzie conduct the first. kayak clinic. In addition to the $ that was received in advance from kayakers on July the company receives additional cash of $ from twenty new kayakers on the day of the clinic.
August Tony and Suzie conducts a second kayak clinic, and the company receives $ cash.
August Office supplies of $ purchased on July are paid in full.
September To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $ $ per month in advance.
SeDtember Tonv and Suzie conduct a rockclimbina clinic. The combanv receives $ cash.
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