Problem Chapters 1-6 Help Required information The following information applies to the questions displayed below) 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 30.000 shares of common stock for $1 each. Each share of stock represents a unit of ownership Tory and Suzie will act as co-presidents of the company The following transactions occur from July 1 through December 31 Jul. 1 Sell $15,000 of common stock to Suzie. Jul. Sell $15,000 of connon stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,200 (350 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,900 associated with incorporation. Jul. 4 Purchase office supplies of $1,300 on account. Jul. 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged 550 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $10,200 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,000 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain bikine clinic, Tony holds another mountain biking clinic and the company receives $3,500. Jul. 24 Pay $940 to a local radio station for advertising to appear immediately. A kayaking clinic will be Saved ng Problem Chapters 16 Jul. 30 Great Adventures receives cash of $7,500 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains $46,000 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 $16,500 cash. Aug. 10 Twenty additional kayakers pay $4,000 (1200 each), in addition to the $7,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tory conducts a second kayak clinic, and the company receives $12,100 cash. Aug. 24 Office Supplies of $1,000 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 storage shed for one year, paying 14.560 ($350 per month) in advance. Sep. 21 Tony Conducts & rock climbine 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, 200 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four person teans will race from checkpoint to checkpoint using a combination of mountain biking, kay akine, orienteering, trail running and rock-clibing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each tea is 3540 Dec. 5 To help organize and prosote the race, Tony hires his college roonnate, Victor, Victor will be paid $50 in salary for each team that competes in the race. Nissalary will be paid after the race. Dec. The company pays $1,700 to purchase a permit from a state part where the race will be held. The amount is recorded assiscellaneous expense. Dec. 12 The company purchases racing supplies for $2,500 on account due in 30 days. Supplies include trophies for the top finishing teams in each category, pronotional shirts, Snack Foods and drinks for participants, and field workers to prepare the racecourse. Dec. 15 The company receives $21,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of 52,000. Dec. 31 The company pays a dividend of $4.500 (52,400 to Tony and $2,400 to Suzfe). Dec.31 Using his personal soney. Tony purchases famond ring for $5,300. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married The following information relates to year-end adjusting entries as of December 31, 2021 art 5 of 8 Stmt of Income Stockholders Stepholdere Statement Balance Sheet Equity For the period July 1 to December 31, 2021, prepare an income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: ints 00:28:08 BOOK Total Revenues Expenses: Print References Problem Chapters 1-6 Seed Savod Income Statement Stmt of Stockholders Equity Balance Sheet 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 Common Stock Retained Earnings Total Stockholders' Equity Saved Problem Chapters 1-6 Income Statement Stmt of Stockholders Equity Balance Sheet Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities Total Current Liabilities Total Current Assets Long-term assets: Total Liabilities Stockholders' Equity S Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets