Income Statement | ||
Revenues | ||
Service Revenue (Clinic) | $ 52,900 | |
Service Revenue (Racing) | $ 20,000 | |
Total Revenues | $ 72,900 | |
Expenses : | ||
Advertising Expense | $ 1,000 | |
Legal Fee Expense | $ 1,500 | |
Miscellaneous Expense | $ 1,200 | |
Salaries Expense | $ 2,000 | |
Depreciation Expense | $ 8,000 | |
Insurance Expense | $ 2,400 | |
Rent Expense | $ 800 | |
Supplies Expense (Office) | $ 1,500 | |
Supplies Expense (Racing) | $ 2,600 | |
Interest Expense | $ 750 | |
Income Tax expense | $ 14,000 | |
Total Expenses | $ 35,750 | |
Net Income | $ 37,150 |
Statement of Stockholder's Equity | |||
Common Stock | Retained Earnings | Total Stockholder's Equity | |
Beginning Balance | $ - | $ - | $ - |
Add : Shares issued | $ 20,000 | $ 20,000 | |
Add : Net Income | $ 37,150 | $ 37,150 | |
Less : Dividend | $ 4,000 | $ 4,000 | |
Ending Balance | $ 20,000 | $ 33,150 | $ 53,150 |
Balance Sheet | |||||
Assets | Liabilities | ||||
Current Assets | Current Liabilities | ||||
Cash | $ 64,200 | Accounts Payable | $ 2,800 | ||
Accounts Receivable | Deferred Revenue | $ - | |||
Supplies (Office) | $ 300 | Interest Payable | $ 750 | ||
Supplies (Racing) | $ 200 | Income Tax Payable | $ 14,000 | ||
Prepaid Insurance | $ 2,400 | Current Maturity of Notes Payable | $ 10,000 | ||
Prepaid Rent | $ 1,600 | Total Current Liabilities | $ 27,550 | ||
Total Current Assets | $ 68,700 | Long term Liabilities | |||
Notes Payable | $ 20,000 | ||||
Long Term assets | Total Liabilities | $ 47,550 | |||
Property, Plant and Equipment | Stockholder's Equity | ||||
Equipment (Bikes) | $ 12,000 | Common Stock | $ 20,000 | ||
Equipment (Kayaks) | $ 28,000 | Retained Earnings | $ 33,150 | ||
Less Accumulated Depreciation | $ -8,000 | $ 32,000 | Total Stockholder's Equity | $ 53,150 | |
Total Assets | $ 100,700 | Total Liabilities & Stockholder's Equity | $ 100,700 |
i have already completed most of the work. please use the pictures i used of the...
please correct the general journal transactions. i have completed most of the transactions. transactions 12, 20, 21, 27, and 32 have issues. then record the closing entry for revenues, expenses, and cash dividends for transactions 35,36, and 37 if necessary 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 20,000 shares of common stock for $1 each. Each share of stock represents...
some of these are wrong but I'm not sure which, please help and show work. Thank you! 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,...
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...
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...
Please show work, Thank you so much!!! 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,...
please complete all required parts and add corrections for the general journal. heres a list of the transactions that should be fixed or added. i finished most of the journal entry N 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...
Please show work, thanks! 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...
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...
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...
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...