Question

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 25,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31. Jul. 1 Sell $12,500 of common stock to Suzie. 1 Sell $12,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $3,960 ($330 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,800 associated with incorporation. Jul. 4 Purchase office supplies of $1,600 on account. Jul. 7 Pay for advertising of $400 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18,400 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,800 from 80 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $5,350. Jul. 24 Pay $930 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $150 in advance or $200 on the day of the clinic. Jul. 30 Great Adventures receives cash of $10,500 in advance from 70 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $30,000 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 $12,000 cash. Aug. 10 Twenty additional kayakers pay $4,000 ($200 each), in addition to the $10,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,900 cash. Aug. 24 Office supplies of $1,600 purchased on July 4 are paid in full.

Can you please help me finish this assignment? For the Stockholders' Equity, I miss BALANCE AT JULY 1

Answer 1

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Statement of Stockholder's Equity
	Common Stock	Retained Earning	Total
Beginning Balance	0	$                            -	$                -
Add: Issuance of common stock	$              25,000		$       25,000
Add: net income	0	$                  57,210	$       57,210
Less: Dividends		$                  (4,400)	$        -4,400
Ending Balance	$              25,000	$                  52,810	$       77,810

Balance Sheet
Current Assets:			Current Liabilities:
Cash	$ 94,120		Accounts Payable		$      2,300
Supplies	$        320		Income Tax Payable		$    13,000
Supplies (Racing)	$        160		Interest Payable		$          750
Prepaid Rent	$    2,960		Note Payable		$    30,000
Prepaid Insurance	$    1,980		Total Current Liabilities		$    46,050
Total Current Assets		$    99,540	Equity:
Equipment (bikes)	$ 18,400		Common Stock	$ 25,000
Equipment (kayaks)	$ 12,000		Retained Earning	$ 52,810	$    77,810
Accumulated Depreciation	$ (6,080)	$    24,320
Total Assets		$ 123,860	Total Liabilities and equity		$ 123,860