Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a...

  

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Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2023 No. 201 Accounts payable and accrued liabilities. Accounts receivable 103 168 300 301 101 Cash 194 Copyright 167 633 623 141 Account Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Equipment Insurance expense Interest expense Notes receivable, due January 1, 2026 Long-term notes payable 233 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Unearned revenues Utilities expense Wages expense 688 612 Totals Debit $ 9,150 32,500 9,750 7,100 27,000 2,780 560 12,400 10,950 605 2,710 2,450 Credit $ 3,300 7,150 37,050 26,100 68,435 16,300 2,700 37,600 $158,335 $158,335 A The following is additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $535. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,100 due April 30. c. On March 31, the company held a teen's camp for $1,540. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. If you need to create a new account, use account number 606 Use straight line method for depreciating Equipment The owner made an additional investment during the year of $16.500 A $5,600 payment on the long-term notes payable will be made during the year ended March 31, 2024 Prepare an income statement for the year ended March 31, 2023 Operating expenses ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2023 Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2023 No. 201 Accounts payable and accrued liabilities. Accounts receivable 103 168 300 301 101 Cash 194 Copyright 167 633 623 141 Account Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Equipment Insurance expense Interest expense Notes receivable, due January 1, 2026 Long-term notes payable 233 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Unearned revenues Utilities expense Wages expense 688 612 Totals Debit $ 9,150 32,500 9,750 7,100 27,000 2,780 560 12,400 10,950 605 2,710 2,450 Credit $ 3,300 7,150 37,050 26,100 68,435 16,300 2,700 37,600 $158,335 $158,335 A The following is additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $535. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,100 due April 30. c. On March 31, the company held a teen's camp for $1,540. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. If you need to create a new account, use account number 606 Use straight line method for depreciating Equipment The owner made an additional investment during the year of $16.500 A $5,600 payment on the long-term notes payable will be made during the year ended March 31, 2024 Prepare an income statement for the year ended March 31, 2023 Operating expenses ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2023