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GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable...

GREAT ADVENTURES, Inc.

Adjusted Trial Balance

December 31, 2019

Accounts Debit Credit

Cash 64,200

Accounts Receivable 2,000

Inventory 5,000

Prepaid insurance 2,400

Prepaid rent 1,600

Supplies (Office) 300

Supplies (Racing) 200

Equipment (Bikes) 12,000

Equipment (Kayaks) 21,000

Accumulated depreciation 8,000

Accounts payable 2,800

Income tax payable 14,000

Interest payable 750

Notes payable   30,000

Common stock

($1.00 par - 1,000,000 shares authorized,10,000 shares issued and outstanding) 10,000

Paid-in Capital in Excess of Par-Common 10,000

Dividends 4,000

Merchandise Sales Revenue 27,500

Sales returns and allowances 2,500

Service revenue (Clinic) 50,400

Service revenue (Racing) 17,500

Advertising expense 1,000

Cost of Goods Sold 15,000

Depreciation expense 8,000

Income tax expense 14,000

Insurance expense 2,400

Interest expense 750

Legal fees expense 1,500

Miscellaneous expense 1,200

Rent expense 800

Salaries expense 2,000

Selling expense 5,000

Supplies expense (Office) 1,500

Supplies expense (Racing) 2,600

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.

Solutions

Expert Solution

Income Statement
Revenues
Merchandise Sales Revenue 27500
low Sales Returns -2500
Service Revenue (Clinic) 50400
Service Revenue (Racing) 17500
Total Revenues 92900
Expenses :
Advertising payment 1000
Cost of Goods Sold 15000
Legal Fee payment 1500
Miscellaneous payment 1200
Salaries payment 2000
Depreciation payment 8000
Insurance payment 2400
Rent payment 800
Selling payment 5000
Supplies payment(Office) 1500
Supplies payment(Racing) 2600
Interest payment 750
Income Tax payment 14000
Total payment 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 payment Total Stockholder's Equity
starting Balance 0 0 0 0
Add : Shares issued 10000 10000 20000
Add : Net Income 37150 37150
low: Dividend 4000 4000
Ending Balance 10000 10000 33150 53150
Balance Sheet
Assets Liabilities
Current Assets Current Liabilities
amount 64200 Accounts payment 2800
Accounts Receivable 2000 Interest payment 750
Inventory 5000 Income Tax payment 14000
goods (Office) 300 Current Maturity of Notes payment 10000
goods(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 payment 33150
Less Accumulated Depreciation -8000 25000 Total Stockholder's Equity 53150
Total Assets 100700 Total Liabilities & Stockholder's Equity 100700

therefore,

Eps = $37150 / 10000 = $3.72 per share

ekkarill92 answered 2 years ago
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