Please use the following adjusted Trial Balance for Great Adventures, Inc. to complete this assignment. Assume...

 

 

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Please use the following adjusted Trial Balance for Great Adventures, Inc. to complete this assignment. Assume that Great Adventures, Inc. began its operations on January 1, 2019. There were no identifiable transactions in 2018. You are asked to prepare the following statements: Income Statement for the year ending December 31, 2019 • Statement of Retained Earnings for the year ending December 31, 2019 Statement of Stockholders Equity for the year ending December 31, 2019 • Balance Sheet at December 31, 2019 Statement of Cash Flows for the year ending December 31, 2018 Note: For Earnings per Share (EPS) calculations, use 10,000 shares of common stock as the weighted average number of shares outstanding. GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 2,000 Accounts Receivable Inventory Prepaid insurance Prepaid rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated depreciation Accounts payable Income tax payable 5,000 2,400 1,600 300 200 12,000 21,000 8,000 2,800 14,000 Interest payable Notes payable 750 30,000 Common stock ($1.00 par - 1,000,000 shares authorized, 10,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common 10,000 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales returns and allowances 2,500 Service revenue (Clinic) Service revenue (Racing) Advertising expense 50,400 17,500 1,000 15,000 8,000 Cost of Goods Sold Depreciation expense Income tax expense 14,000 Insurance expense Interest expense Legal fees expense Miscellaneous expense 2,400 750 1,500 1,200 Rent expense 800 Salaries expense 2,000 Selling expese Supplies expense (Office) Supplies expense (Racing) 5,000 1,500 2,600 Totals 170,950 170,950 For EPS (earnings per share) calculations use 10,000 shares of common stock as the weighted average number of shares outstanding. Please use the following adjusted Trial Balance for Great Adventures, Inc. to complete this assignment. Assume that Great Adventures, Inc. began its operations on January 1, 2019. There were no identifiable transactions in 2018. You are asked to prepare the following statements: Income Statement for the year ending December 31, 2019 • Statement of Retained Earnings for the year ending December 31, 2019 Statement of Stockholders Equity for the year ending December 31, 2019 • Balance Sheet at December 31, 2019 Statement of Cash Flows for the year ending December 31, 2018 Note: For Earnings per Share (EPS) calculations, use 10,000 shares of common stock as the weighted average number of shares outstanding. GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 2,000 Accounts Receivable Inventory Prepaid insurance Prepaid rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated depreciation Accounts payable Income tax payable 5,000 2,400 1,600 300 200 12,000 21,000 8,000 2,800 14,000 Interest payable Notes payable 750 30,000 Common stock ($1.00 par - 1,000,000 shares authorized, 10,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common 10,000 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales returns and allowances 2,500 Service revenue (Clinic) Service revenue (Racing) Advertising expense 50,400 17,500 1,000 15,000 8,000 Cost of Goods Sold Depreciation expense Income tax expense 14,000 Insurance expense Interest expense Legal fees expense Miscellaneous expense 2,400 750 1,500 1,200 Rent expense 800 Salaries expense 2,000 Selling expese Supplies expense (Office) Supplies expense (Racing) 5,000 1,500 2,600 Totals 170,950 170,950 For EPS (earnings per share) calculations use 10,000 shares of common stock as the weighted average number of shares outstanding.

Answer rating: 100% (QA)

Income statement Income Statement For the year ending December 31 2019 Revenue Merchandise Sales Rev... View the full answer