Tony and Suzie graduate from college in May 2021 and begin developing the new business. They begin by offering clinics for basic outdoor activities such as mountain biking or ayaking Upon developing a customers. They hold the first adventure races. These races will involve four person to the race from one checkpoint to the next singa combination of yoking mountain biking, orienteering and trail running in the long run, rey to sell outorgom and develop a ropes course for outdoor enthusiasts. On July 1, 202L Tony and Surie organise the new company as a corporation, Grem Adventures in the sides of Incorporation state that the corporation will sex 38.000 shares of common stock for teach Each shore of stock represents a unit of ownership Tony and Subie wil act as co-presidents of the company. The following transactions from July through December he CA 15319.00 octo pott to with det used to avtoritetet sty 15 hood day of the uur 10. brown 518 Julho 22 shtit 2 Plotteet ALH 10.13 11th 15 the wint the 120 het til 1.000 of the As 1 tindah et byna 1,300 11 Toyota Fortuna out 1 Taval mit The ch to Ang ATT ET 5 Part of 5 Set 17 antipati to start the 1.000 cash 1 tony test the posts That wine. They Decoline 55016any or the compete in tara Dec. The company Day 11.200 perts them the isella De 1e propeller to tot het Date and trustworth 15 The 21,200.cather tatt tunt the Dec 16 The Very 1.100 Dec. The divindt. Declarat Book The following information relates to your end adjusting en les as of December 312021 Depreciation of the mountain bikes purchased on July 3 and kayaks purchased on August 4 fois $8.200 b. Six months of the one year insurance policy purchased on July 1has expired c. Four months of the one year rental agreement purchased on September the expres d. Of the $1600 of office supplies purchased on July 4, 5270 remi e interest expense on the $35.000 loan obtained from the city counct on August 1should be recorded to the $2.900 of racing supplies purchased on December 12.5160 remains Suble calculates that the company owes $14,900 income Great Adventures Problem AP3-1 Part 5 5. For the period July 1to December 31, 2021, prepare an income statement stort of stockholders equity and cute balance shoot completenes question Oyng your answers 58 Income Start of Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a min GREAT ADVENTURES, Inc Balance Sheet December 31, 2021 ok Assets Current Asset Current Lab 3 ances Torrent 0 To Total Current Assets Long-term assets Stockholders' Equity Tol Stockholders' Co Tobbe med Stockholy Total Asset Beg Bal Dec. 31 Rent Expense 2.820 Beg. Bal. Dec 31 1.200 End. Bal 2,820 End. Bat. 1.200 Supplies Expense (Office) Supplies Expense Racing) Beg Bal. Dec. 31 1,330 Beg Bal Dec 31 2.740 End. Bal. 1.330 End. Bat. 2.740 Interest Expense Income Tax Expense Beg. Bal. Dec 31 Bog Bal Dec. 31 875 14. 875 End Ball 14,900 End. Bal
