Required information RWP10-1 (Algo) Great Adventures Continuing Case [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, 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 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (1.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. December 1 Declare a cash dividend on its common stock of $12,200 (se.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.
Required information RWP10-1 (Algo) Great Adventures Continuing Case [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, 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 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (1.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. December 1 Declare a cash dividend on its common stock of $12,200 (se.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $820,000 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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Transcribed Image Text:RWP10-1 (Algo) Great Adventures Continuing Case Part 2
2. Great Adventures has net income of $37,198 in 2025. Retained earnings at the beginning of 2025 was $33,850. Prepare the
stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2025. (Amounts to be deducted should be
indicated with a minus sign.)
GREAT ADVENTURES, INCORPORATED
Balance Sheet
(Stockholders' Equity Section)
December 31, 2025
Stockholders' Equity
Total Paid-in Capital
Total Stockholders' Equity
$
0
0
![Required information
RWP10-1 (Algo) Great Adventures Continuing Case
[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, 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 108,000 shares of common stock for $10 per share.
November 16 Purchase 10,800 shares of its own common stock (1.e., treasury stock) for $19 per share.
November 24 Resell 4,800 shares of treasury stock at $20 per share.
December 1 Declare a cash dividend on its common stock of $12,200 (50.10 per share) to all stockholders of
record on December 15.
December 20 Pay the cash dividend declared on December 1.
December 30 Pay $820,000 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%2Ff58f28ee-1934-45a8-be2b-295c3b906b88%2F9bab1369-6a78-4eef-bb9e-8dd244287358%2Fzt9odqy_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
RWP10-1 (Algo) Great Adventures Continuing Case
[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, 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 108,000 shares of common stock for $10 per share.
November 16 Purchase 10,800 shares of its own common stock (1.e., treasury stock) for $19 per share.
November 24 Resell 4,800 shares of treasury stock at $20 per share.
December 1 Declare a cash dividend on its common stock of $12,200 (50.10 per share) to all stockholders of
record on December 15.
December 20 Pay the cash dividend declared on December 1.
December 30 Pay $820,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.
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