On July 1, 2024, Tony and Suzie organize their new company as a corporabon, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 12.000 shares of commock for $1 each Each of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company The following business activities occur during July for Great Adventures Sell $10,000 of common stock to Supe Sell $10,000 of common stock to Tony July 1 July 1 July 1 July 2 Pay legal fees of $1,500 associated with incorporation July 4 July 7 July July 15 July 22 July 24 July 30 Purchase a one-year assurance policy for $4.000 ($400 per month to cover irgures to participants suing outdoor d Purchase office supplies of $1800 on account. Pay $300 to a local newspaper for advertising to appear neately for an upcomig mouran blong dinic to be held on July 15 Atendees will be charged Mo the day of the Purchese 10 mountain bikes, paying $12,000 cash On the clinic, Great Adventures receives cash of $2,000 in total bom 40 kes Tony and Se conduct the moun Baroness of the rst mountain biking inc, Tony and Supe hold another mountain biking dink and the company receive $300 Pay $700 to a local n radio station for advertising to appear nerdatety A kayaking clinic will be held on August 10 and attends can pay $100 an advance $150 un the bay if the Great Adventures receives total cash of $4,000 in advance from 40 kayawers for the upcoming kayak di The following transactions occur over the remainder of 2024 August 1 August 4 August 10 August 17 August 24 Great Adventures obtain a $30,000 low interest loan for the company from the city counck, which has merly passed an encour business development related to out This the annual interest is due each year on July 31 The company purchases 14 kayaks, paying $28,000 cash Tony and Sune conduct the first kayo clinic In addtion to the $4,000 that was received in advance from kaysers on July 30 the company receives add cat of 1.000 to 20 on the of the Tony and Suzie conduct a second kayak chin and the company receives $10,500 Office supplies of $1100 purchased on July 4 are paid a September 1 To provide better storage of mountain bikes and kayaks when not the companyents a sonige shed for one yeat peying 32.400 200 per mening in advanc September 21 Tony and fune conduct a rock climbing clinic The company receives $13,200 cash October 17 Tony and Sune conduct a onentencing deac Participants practice how to understand threats Tony and Sune decide to hold the company's fest adventure race on December Founderson teams with ace from checkpot to checkpot urgan each team is $500 cambing skils. The first team in each category to congte at checkp of wertan competes as the ace Hs salary will be ng yang deering sagand for the December 1 December 5 December December 12 To help organize and promote the race, Tony hes his ostegese Vidor Vice wil be pec 550 say The company pays $1200 to purchase a porn sun a state park where the race will be tea. The a The company purchases racing suppes for $2 800 on account due in 30 days. Some prepare the racecourse December 15 The company receives $20.000 cash from a tolat ut fody December 16 The company pays Vidors salary of $2 000 December 31 The company pays a dividend at $4,000 2.000 December 31 Using to personal money, Tony placeves ac ng for $4500 Toys by doing that they get marred Sue accepts and they get m The following information relates to year end adjusting entries as of December 2004 a Depreciation of the mountain bikes purchased on July Band kayaks purchased on Augusta $8.000 b Sax months of the one year insurance policy purchased on July 1 h exped c. Four months of the one year rental agreement purchased on September 1hood d. Of the $1800 of office suppes purchased on uy 4. $300 e Interest expense on the $30.000 loan obtained bom the city out on Augstshout be ended Of the $2.800 of racing supples purchased on December g She calculates that the company owes $1.000 an income $200 s 1644 GREAT ADVENTURES, INCORPORATED Adjusted Trial Balance December 31, 2024 Accounts Cash. Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) Totals Debit Credit $ $ 0 Income Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2024, prepare an income statement. GREAT ADVENTURES, INCORPORATED Income Statement Revenues: Total Revenues Expenses: Total Expenses December 31, 2024 $ 0 0 0 Stmt of Income Statement Stockholders Balance Sheet Equity For the period July 1 to December 31, 2024, prepare a statement of stockholders' equity zero. GREAT ADVENTURES, INCORPORATED Statement of Stockholders' Equity For the Period Ended December 31, 2024 Common Stock Retained Earnings Total Stockholders' Equity < Income Statement Balance Sheet > Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GREAT ADVENTURES, INCORPORATED Assets Current Assets: Balance Sheet December 31, 2024 Liabilities Current Liabilities Total Current Liabilities 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets Stockholders' Equity Total Assets Total Stockholders' Equity 0 0 Total Liabilities and Stockholders' Equity $ 0 < Stmt of Stockholders Equity Balance Sheet >