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At the end of 2025, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $33,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $13,600 of the $33,600 note discussed above is due next year. Record the entry to reclassify the curren portion of the long-term note. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $28,600 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,600. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $7,600. •

At the end of 2025, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $33,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $13,600 of the $33,600 note discussed above is due next year. Record the entry to reclassify the curren portion of the long-term note. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $28,600 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,600. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $7,600. •

FINANCIAL ACCOUNTING
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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At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $33,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $13,600 of the $33,600 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $28,600 during the year and recorded those as Deferred Revenue. . Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,600. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $7,600. Income General General Trial Journal Ledger Balance Statem... Require... Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjust Current Assets: Total Current Assets Long-term Assets: Total Assets Assets GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 IEEE Balance Sheet EEN Current Liabilities: < Income Statement Liabilities CHELTRAL Total Current Liabilities Total Liabilities Stockholders' Equity JANUA Total Stockholders' Equity Total Liabilities and Stockholders' Equity Balance Sheet > 1+
Transcribed Image Text:At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $33,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $13,600 of the $33,600 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $28,600 during the year and recorded those as Deferred Revenue. . Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,600. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $7,600. Income General General Trial Journal Ledger Balance Statem... Require... Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjust Current Assets: Total Current Assets Long-term Assets: Total Assets Assets GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 IEEE Balance Sheet EEN Current Liabilities: < Income Statement Liabilities CHELTRAL Total Current Liabilities Total Liabilities Stockholders' Equity JANUA Total Stockholders' Equity Total Liabilities and Stockholders' Equity Balance Sheet > 1+
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