Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $13,400. They expect to use the Suburban for five years and then sell the vehicle for $5,200. The following expenditures related to the vehicle were also made on July 1, 2022:

Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $13,400. They expect to use the Suburban for five years and then sell the vehicle for $5,200. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,150 to GEICO for a one-year insurance policy. . The company spends an extra $4,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,350 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1,100 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Adjusted GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Cash Debit 83,480 57,000 3,100 7,700 69,710 Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Interest Revenue Sales Discounts Cost of goods sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total 27,500 22,200 1,100 15,200 44,000 23,045 35,200 48,000 128,000 155 420 48,090 19,500 1,200 31,000 3,100 2,500 3,100 15,200 5,500 347,500 $ $ 347,500 Adjusted GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: Net sales Gross profit Expense: Total operating expenses Operating income Non-operating items: 0 Income before Income Taxes Adjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Assets Current Assets: Total current liabilities Long-term liabilities: Total Current Assets 0 0 Total liabilities Stockholders' Equity Long-term assets: Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets