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[HTC VIVITY MIUTTOUUN OPPIES I HIC queurs sprayeu CIUM. 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 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 $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 agociated with incorporation. Jul. 4 Purchase office supplies of $1,900 on account. Jul. 7 Pay for advertising of $370 to a local newspaper for an upcoming mountain biking elinie to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul. 8 Purchase 10 mountain bixen, paying $11,900 cash. Jul. 15 on the day of the elinie, Great Mdventures receives cash of $2,000 tron 40 bikers. Tony conducts the mountain biking clinic. Jul. 22 Denuse of the success of the first mountain biking alinie, Tony holds another mountain biking elinie and the company receives $2,500. Jul. 24 Pay $940 to a local radio station for advertising to appear Innediately. 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 $8,400 in advance from 60 kayakers for the upcoming Kayak olinie. g. 1 Great Adventures obtains a $40,000 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 annual Interest la due each year on July 31. Aug. 4 The company purchasen 14 kayaks, paying $21,600 cash. Aug. 10 Twenty additional kayakers pay $3,800 ($190 ench), in addition to the $8,400 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak elinie Nug. 17 Tony conducto a second kayak clinic, and the company receives $10,600 cash. Aug 24 office supplies of $1,900 purchased on July 4 are paid in full. . 1 To provide better storage of mountain bikes and kayaks when not in use, the company renta a storage shed for one year, paying $3,720 (5310 per month) in advance. Sep, 21 Tony conducts a rock-climbing elince. The company receives $13,500 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 Dec. Aug. 1 Great Adventures obtains a $40,000 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 $21,600 cash. Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $8,400 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 $10,600 cash. Aug. 24 Office supplies of $1,900 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 $3,720 ($310 per month) in advance. Sep. 21 Tony conduct a rock-climbing clinic. The company receives $13,500 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 $19,000 cash. Dec. 1 Tony decides to hold the company's 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 $540. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. Bio salary will be paid after the race. Dec. # The company pays $1,700 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 supplied for $3,000 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 $21,600 canh tromya total of forty teann, and the race to held. Dec. 16 The company pays Victor's salary of $1.500. Dec. 31 The company payo & dividend of $3,700 ($1,850 to Tony and $1,850 to Saaie). Dec. 31 Uning his personal money, Tony purchase a diamond ring for $5,400. Tony surprises suzie by proposing that they got married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,200. b. Six months of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1.900 of office supplies purchased on July 4, $280 remains. e. Interest expense on the $40,000 loan obtained from the city council on August 1 should be recorded. t. Of the $3,000 of racing supplies purchased on December 12, $100 remains. 9. Suzie calculates that the company owes $13,200 in income taxes. Required information GREAT ADVENTURES, Inc. Income Statement 3 December 31, 2021 Revenues: Service Revenue (Clinic) Service Revenue (Racing) $ 59,800 21,600 $ 81,400 ] ces Total Revenues Expenses: Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Ront Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) 1,310 8,200 13,200 2,3401 1,000 1,342 1,700 1,240 1,600 1,620 2,900 Total Expense 36,410 44,990 $ Stmt of Income 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 Retained Total Common Stock Stockholders Earnings Equity Balance at July 1 o $ 0 S 0 Issuance of Common Stock 37,000 0 37,000 Not Income for 2021 0 44,990 44,990 Dividends 0 (3,700) (3,700) Balance at December 31 37.000 41,290 $ 78,290 Sumt or Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) BE Assets $ Current Assels Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) 3.000 13,200 1,000 2.480 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Liabilities Current Liabilities $ 104,990 Accounts Payablo 2,340 Income Tax Payable Interest Payable 280 100 Total Current abilities Notes Payable 110,190 Total Liabilities Stockholdet Equity 11.900 Common Stock 21.000 Retained Earnings (0,200) Total Stockholders' Equity $ 135.400 Totul ales and Stockholders' Equity 17,200 40,000 57,200 Total Current Assets Long term assets Equipment (kes) Equipment (Kayaks) Accumulated Depreciation 37.000 41,290 78,200 135.490 Total Assets $