Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2024, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders’ equity during the remainder of 2025: November 5Issue an additional 136,000 shares of common stock for $10 per share.November 16Purchase 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share.November 24Resell 7,600 shares of treasury stock at $34 per share.December 1Declare a cash dividend on its common stock of $15,000 ($0.10 per share) to all stockholders of record on December 15.December 20Pay the cash dividend declared on December 1.December 30Pay $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.Choose the appropriate accounts to be reported on the income statement. The unadjusted or post-closing balances will appear for each account, based on your selection.UnadjustedAdjustedPost-closingUnadjusted GREAT ADVENTURES, INCORPORATEDIncome StatementFor the Period Ended December 31, 2025 $0 0 0 0 Net Sales0 0 Gross Profit $0Operating Expenses: 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses 0Operating Income (Loss) 0 0 0 0 0 $0The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted or post-closing balances will appear for each account, based on your selection.UnadjustedAdjustedPost-closingUnadjusted GREAT ADVENTURES, INCORPORATEDBalance SheetDecember 31, 2025AssetsLiabilitiesCurrent Assets: Current Liabilities: $0 $0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Current Liabilities0 0 0 0 0Total Current Assets0Total Liabilities0Long-term Assets: Stockholders’ Equity 0 0 0 0 0 0Total Stockholders’ Equity0Total Assets$0Total Liabilities and Stockholders’ Equity$0DO NOT GIVE SOLUTION IN IMAGE FORMAT

Income Statement - One of a company's financial accounts, an income statement or profit and loss…

Answered: Great Adventures has authorized $1 par…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp.

Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2024, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders’ equity during the remainder of 2025:

November 5	Issue an additional 136,000 shares of common stock for $10 per share.
November 16	Purchase 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share.
November 24	Resell 7,600 shares of treasury stock at $34 per share.
December 1	Declare a cash dividend on its common stock of $15,000 ($0.10 per share) to all stockholders of record on December 15.
December 20	Pay the cash dividend declared on December 1.
December 30	Pay $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

Choose the appropriate accounts to be reported on the income statement. The unadjusted or post-closing balances will appear for each account, based on your selection.

UnadjustedAdjustedPost-closing

Unadjusted

GREAT ADVENTURES, INCORPORATED
Income Statement
For the Period Ended December 31, 2025
	$0
	0
	0
	0
Net Sales	0
	0
Gross Profit		$0
Operating Expenses:
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
Total Operating Expenses		0
Operating Income (Loss)		0
		0
		0
		0
		0
		$0

The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted or post-closing balances will appear for each account, based on your selection.

UnadjustedAdjustedPost-closing

Unadjusted

GREAT ADVENTURES, INCORPORATED
Balance Sheet
December 31, 2025
Assets	Liabilities
Current Assets:		Current Liabilities:
	$0		$0
	0		0
	0		0
	0		0
	0		0
	0		0
	0		0
	0		0
	0	Total Current Liabilities	0
	0		0
	0		0
Total Current Assets	0	Total Liabilities	0
Long-term Assets:		Stockholders’ Equity
	0
	0
	0
	0
	0
	0	Total Stockholders’ Equity	0
Total Assets	$0	Total Liabilities and Stockholders’ Equity	$0

DO NOT GIVE SOLUTION IN IMAGE FORMAT

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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