Tony and Suzie have purchased land for a new camp. Now they need money to build...
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Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2024, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2025: November 5 Issue an additional 140,000 shares of common stock for $10 per share. November 16 Purchase 14,000 shares of its own common stock (1.e., treasury stock) for $35 per share. November 24 Resell 8,000 shares of treasury stock at $36 per share. December 1 Declare a cash dividend on its common stock of $15,400 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger Income Trial Balance Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted or post-closing balances will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Cost of Goods Sold $ 0 Sales Revenue Additional Paid-in Capital Net Sales 0 1,268,000 0 1,268,000 Search < Prev 1 of 2 Next > Cost of Goods Sold Sales Revenue. GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Additional Paid-in Capital $ Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) 0 0 1,268,000 0 1,268,000 0 $ 1,268,000 0 0 0 0 0 + 0 0 0 0 0 1,268,000 0 1,268,000 0 Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2024, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2025: November 5 Issue an additional 140,000 shares of common stock for $10 per share. November 16 Purchase 14,000 shares of its own common stock (1.e., treasury stock) for $35 per share. November 24 Resell 8,000 shares of treasury stock at $36 per share. December 1 Declare a cash dividend on its common stock of $15,400 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger Income Trial Balance Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted or post-closing balances will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Cost of Goods Sold $ 0 Sales Revenue Additional Paid-in Capital Net Sales 0 1,268,000 0 1,268,000 Search < Prev 1 of 2 Next > Cost of Goods Sold Sales Revenue. GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Additional Paid-in Capital $ Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) 0 0 1,268,000 0 1,268,000 0 $ 1,268,000 0 0 0 0 0 + 0 0 0 0 0 1,268,000 0 1,268,000 0
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