Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure.
The following is trial balance for the year ended March 31, 2020.
No. | Account | Debit | Credit | ||||
201 | Accounts payable and accrued liabilities | $ | 3,150 | ||||
103 | Accounts receivable | $ | 7,550 | ||||
168 | Accumulated depreciation, equipment | 8,650 | |||||
300 | Becky Brenner, capital | 41,550 | |||||
301 | Becky Brenner, withdrawals | 35,800 | |||||
101 | Cash | 11,600 | |||||
194 | Copyright | 10,500 | |||||
167 | Equipment | 33,000 | |||||
633 | Insurance expense | 2,320 | |||||
623 | Interest expense | 440 | |||||
141 | Notes receivable, due January 1, 2023 | 15,700 | |||||
233 | Long-term notes payable | 27,000 | |||||
610 | Rent expense | 12,150 | |||||
402 | Revenues | 81,475 | |||||
126 | Supplies | 325 | |||||
637 | Supplies expense | 2,540 | |||||
652 | Telephone expense | 2,950 | |||||
203 | Unearned revenues | 12,300 | |||||
688 | Utilities expense | 2,850 | |||||
612 | Wages expense | 36,400 | |||||
Totals | $ | 174,125 | $ | 174,125 | |||
The following is additional information that has not been included
in the trial balance.
Use straight line method for depreciating
Equipment.
The owner made an additional investment during the year of $19,000.
A $6,600 payment on the long-term notes payable will be made during
the year ended March 31, 2021.
1. Prepare an income statement for the year ended March 31,
2020.
2. Prepare a statement of changes in equity for the year ended March 31, 2020.
3. Prepare a classified balance sheet at March 31, 2020.
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a...
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2020. No. 201 103 168 300 301 101 194 167 633 623 141 233 610 402 126 637 652 203 688 612 Account Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals...
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dont know how to get the opening balance for april 1st i tried
using the capital but its not working
We were unable to transcribe this imagePrepare a statement of changes in equity for the year ended March 31,1 Answer is not complete. $ 34,700 ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2020 Becky Brenner, capital, April 1 Add: Profit $ 14,270 Add: Investments by owner 15,000 Total Less: Withdrawals Becky Brenner, capital, March...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. 1 Nozomi invested $45,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance policy....
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $35,000 cash and computer equipment worth
$25,000 in the company in exchange for common stock.
2
The company rented furnished office space by paying $2,000 cash
for the first month’s (April) rent.
3
The company purchased $1,500 of office supplies for cash.
10
The company paid $2,300 cash for the premium on a 12-month
insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $49,000 cash and computer equipment worth
$35,000 in the company in exchange for common stock.
2
The company rented furnished office space by paying $2,800 cash
for the first month’s (April) rent.
3
The company purchased $1,500 of office supplies for cash.
10
The company paid $3,000 cash for the premium on a 12-month
insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $39,000 cash and computer equipment worth $35,000 in the company. 2 The company rented furnished office space by paying $2,300 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April...
On April 1, 2017, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the
company’s first month.
April
1
Nozomi invested $31,000 cash and computer equipment worth
$35,000 in the company.
2
The company rented furnished office space by paying $1,500 cash
for the first month’s (April) rent.
3
The company purchased $1,500 of office supplies for cash.
10
The company paid $2,600 cash for the premium on a 12-month
insurance policy. Coverage begins on...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April i Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $32,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,800 cash for the premiun on a 12-month...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance...