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, theyll 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 37,000 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 $18,500 of common stock to Suzie.
Jul.		1		Sell $18,500 of common stock to Tony.
Jul.		1		Purchase a one-year insurance policy for $3,600 ($300 per month) to cover injuries to participants during outdoor clinics.
Jul.		2		Pay legal fees of $1,200 associated with incorporation.
Jul.		4		Purchase office supplies of $1,800 on account.
Jul.		7		Pay for advertising of $330 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.		8		Purchase 10 mountain bikes, paying $13,800 cash.
Jul.		15		On the day of the clinic, Great Adventures receives cash of $2,500 from 50 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 $2,850.
Jul.		24		Pay $840 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 $11,200 in advance from 80 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 6% annual interest is due each year on July 31.
Aug.		4		The company purchases 14 kayaks, paying $13,200 cash.
Aug.		10		Twenty additional kayakers pay $3,800 ($190 each), in addition to the $11,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
Aug.		17		Tony conducts a second kayak clinic, and the company receives $12,300 cash.
Aug.		24		Office supplies of $1,800 purchased on July 4 are paid in full.
Sep.		1		To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,320 ($360 per month) in advance.
Sep.		21		Tony conducts a rock-climbing clinic. The company receives $13,400 cash.
Oct.		17		Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,900 cash.
Dec.		1		Tony decides to hold the companys first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $690.
Dec.		5		To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race.
Dec.		8		The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.
Dec.		12		The company purchases racing supplies for $2,400 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.
Dec.		15		The company receives $27,600 cash from a total of forty teams, and the race is held.
Dec.		16		The company pays Victors salary of $2,000.
Dec.		31		The company pays a dividend of $5,000 ($2,500 to Tony and $2,500 to Suzie).
Dec.		31		Using his personal money, Tony purchases a diamond ring for $4,400. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married!

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Answer is not complete. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare an income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Clinic) $ Service Revenue (Racing) 65,950 27,600 $ 93,550 Total Revenues Expenses: Advertising Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Depreciation Expense Miscellaneous Expense Rent Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) 1,170 14,500 1,800 825 1,200 7,500 1,500 1,440 2,000 1,420 2,260 Rectangular Total Expense 35,615 Answer is not complete. Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity 37,000 Balance at July 1 Issuance of Common Stock Net Income for 2021 Dividends Balance at December 31 57,935 (5,000) 52,935 37,000 57,935 (5,000) 89,935 37,000 $ She Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.). ***** Assets $ 2,400 14.500 Current Assets Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) 825 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Liabilities Current Liabilities: $ 115,960 Accounts Payable 1,800 Income Tax Payable 2.880 Interest Payable 380 140 Total Current Liabilities Notes Payable 121,160 Total Liabilities Stockholders' Equity 13,800 Common Stock 13,200 Retained Earnings (7,500) Total Stockholders' Equity 140.660 Total Liabilities and Stockholders' Equity > 17,725 33,000 50,725 Total Current Assets Long-term assets Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation OOO 37,000 52,935 89,935 140,660 Total Assets $ ECO