Question

(The following informatiot applies to the questions displayed below Part 3 of 5 5 points Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021. Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state t the corporation will sell 35,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31 -Book Print References 2 PWY و الله Jul. 1 Sell 517.500 of common stock to Suale. Jul. 1 Bell 517,500 of common stock to Tony. Jul. 1 Purchase a one-year Insurance polley for $5,520 (8460 per month) to cover injuries to participants during outdoor clinics. Jul. legal fees of $2,000 associated with incorporation Jul 4 Purchase office supplies of $1,600 on account. 3 Pay for advertising of $370 to a local newspaper for an upcoming mountain biking olinie to be held on July 15. Attendees will be charged on the day of the elinie. Jul. 15 on the day of the clinie, Great Adventures receives cash of $2,100 from 70 bikers. Tony conducte the mountain biking elinie. Jul. 22 Because of the success of the first mountain bikin linie, Tony holds another mountain biking elinie Jul. 24 pay $870 to a local radio station for advertising to appear Lunediately. A kayaking elinie will be Jul. 30 Great Adventures receives cash of $6,500 in advance from 50 kayakers for the upcoming kayak elinie. Aug. 1 Great Adventures obtain a 534,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and annual interest is due each year on July 31. A: Aug. 10 twenty additional kayakers pay $3,600 ($180 each), in addition to the $6,500 that was paid in advance 4 The company purchases 14 kayaks, paying $10,000 cash on July 30, on the day of the elinie. Tony conducts the first kayak elinie. hug. 17 Tony conducts a second kayak elinic, and the company receives $11,800 cash

Answer 1

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