! Required information Great Adventures Problem AP10-1 [The following information applies to the questions displayed below.] 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, 2021, 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 2022: November 5 Issue an additional 118,000 shares of common stock for $10 per share. November 16 Purchase 11,800 shares of its own common stock (1.e., treasury stock) for $24 per share. November 24 Resell 5,800 shares of treasury stock at $25 per share. Declare a cash dividend on its common stock of $13,50 (50.10 per share) to all December 1 stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $845,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.
! Required information Great Adventures Problem AP10-1 [The following information applies to the questions displayed below.] 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, 2021, 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 2022: November 5 Issue an additional 118,000 shares of common stock for $10 per share. November 16 Purchase 11,800 shares of its own common stock (1.e., treasury stock) for $24 per share. November 24 Resell 5,800 shares of treasury stock at $25 per share. Declare a cash dividend on its common stock of $13,50 (50.10 per share) to all December 1 stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $845,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Great Adventures Problem AP10-1
[The following information applies to the questions displayed below.]
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, 2021, 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 2022:
November 5 Issue an additional 118,000 shares of common stock for $10 per share.
November 16 Purchase 11,800 shares of its own common stock (1.e., treasury stock) for $24 per share.
November 24 Resell 5,800 shares of treasury stock at $25 per share..
Declare a cash dividend on its common stock of $13,50 ($0.10 per share) to all
stockholders of record on December 15.
Pay the cash dividend declared on December 1.
December 1
December 20
December 31
Pay $845,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F19d3d1de-345d-44bc-9457-16ca6fdc82b7%2Ff11fbd69-f6ac-4db0-9893-e599b8ebcd3c%2Fz56jxy_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Great Adventures Problem AP10-1
[The following information applies to the questions displayed below.]
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, 2021, 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 2022:
November 5 Issue an additional 118,000 shares of common stock for $10 per share.
November 16 Purchase 11,800 shares of its own common stock (1.e., treasury stock) for $24 per share.
November 24 Resell 5,800 shares of treasury stock at $25 per share..
Declare a cash dividend on its common stock of $13,50 ($0.10 per share) to all
stockholders of record on December 15.
Pay the cash dividend declared on December 1.
December 1
December 20
December 31
Pay $845,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.
Transcribed Image Text:Great Adventures Problem AP10-1 Part 2
2. Great Adventures has net income of $38,901 in 2022. Retained earnings at the beginning of 2022 was $34,350. Prepare the
stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2022. (Amounts to be deducted should
be indicated with a minus sign.)
GREAT ADVENTURES, INC.
Balance Sheet
(Stockholders' Equity Section)
December 31, 2022
Stockholders' equity:
Total paid-in capital
Total stockholders' equity
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