Question

Credit Debit 64. 200 2000 5,000 2.400 1,600 300 200 12,000 21,000 14.000 750 30,000 GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Cash Accounts Receivable Inventory Prepaid insurance Prepaid rent Supplies (Office) Supplies (Racing) Equipment Bikes) Equipment (Kayaks) Accumulated depredation Accounts payable Income tax payable Interest payable Notes payable Common stock ($1.00 par - 1,000,000 shares authorized, 10,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Dividends Merchandise Sales Revenue Sales returns and allowances Service revenue (Clinic) Service revenue (Racing) Advertising expense Cost of Goods Sold I Depreciation expense Income tax expense Insurance expense Interest expense Legal fees expense Miscellaneous expense Rent expense Salaries expense Selling expese Supplies expense (Office) Supplies expense Racing) 10,000 10,000 4.000 27,500 2.500 50,400 17.500 1.000 15,000 8,000 14,000 2,400 750 1,500 1,200 800 2,000 5,000 1,500 Totals 170,950 170,950 For EPS (earnings per share) calculations use 10,000 shares of common stock as the weighted average number of shares outstanding

• Income Statement for the year ending December 31, 2019

• Statement of Retained Earnings for the year ending December 31, 2019

• Statement of Stockholders Equity for the year ending December 31, 2019

• Balance Sheet at December 31, 2019

• Statement of Cash Flows for the year ending December 31, 2018

Note: For Earnings per Share (EPS) calculations, use 10,000 shares of common stock as the weighted average number of shares outstanding.

Answer 1

Income Statement
Revenues
Merchandise Sales Revenue	27500
Less Sales Returns	-2500
Service Revenue (Clinic)	50400
Service Revenue (Racing)	17500
Total Revenues		92900
Expenses :
Advertising Expense	1000
Cost of Goods Sold	15000
Legal Fee Expense	1500
Miscellaneous Expense	1200
Salaries Expense	2000
Depreciation Expense	8000
Insurance Expense	2400
Rent Expense	800
Selling Expense	5000
Supplies Expense (Office)	1500
Supplies Expense (Racing)	2600
Interest Expense	750
Income Tax expense	14000
Total Expenses		55750
Net Income		37150

Statement of Retained Earnings
	Retained Earnings
Beginning Balance	0
Add : Net Income	37150
Less : Dividend	4000
Ending Balance	33150

Statement of Stockholder's Equity
	Common Stock	Paid in capital in excess of par	Retained Earnings	Total Stockholder's Equity
Beginning Balance	0	0	0	0
Add : Shares issued	10000	10000		20000
Add : Net Income			37150	37150
Less : Dividend			4000	4000
Ending Balance	10000	10000	33150	53150

Balance Sheet
Assets			Liabilities
Current Assets			Current Liabilities
Cash	64200		Accounts Payable	2800
Accounts Receivable	2000		Interest Payable	750
Inventory	5000		Income Tax Payable	14000
Supplies (Office)	300		Current Maturity of Notes Payable	10000
Supplies (Racing)	200
Prepaid Insurance	2400		Total Current Liabilities		27550
Prepaid Rent	1600		Long term Liabilities
Total Current Assets		75700	Notes Payable		20000
			Total Liabilities		47550
Long Term assets			Stockholder's Equity
Property, Plant and Equipment			Common Stock	10000
Equipment (Bikes)	12000		Paid in capital in excess of par	10000
Equipment (Kayaks)	21000		Retained Earnings	33150
Less Accumulated Depreciation	-8000	25000	Total Stockholder's Equity		53150
Total Assets		100700	Total Liabilities & Stockholder's Equity		100700

Earning per share = $37150 / 10000 = $3.72 per share

As per HOMEWORKLIB RULES we are supposed to answer 4 parts, i have answered 4,