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. •
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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