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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 1 year ago

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