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 138,000 shares of common stock for $10 per share. November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share. November 24 Resell 7,800 shares of treasury stock at $35 per share. December 1 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. RWP10-1 (Algo) Great Adventures Continuing Case Part 2 2. Great Adventures has net income of $42,307 in 2025. Retained earnings at the beginning of 2025 was $35,350. 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) Stockholders' Equity: Common Stock December 31, 2025 Additional Paid-In Capital Total Paid-in Capital 0 Total Stockholders' Equity

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter26: Capital Budgeting (capbud)
Section: Chapter Questions
Problem 5R
Question

please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly

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 138,000 shares of common stock for $10 per share.
November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share.
November 24 Resell 7,800 shares of treasury stock at $35 per share.
December 1 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of
record on December 15.
December 20 Pay the cash dividend declared on December 1.
December 30 Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.
RWP10-1 (Algo) Great Adventures Continuing Case Part 2
2. Great Adventures has net income of $42,307 in 2025. Retained earnings at the beginning of 2025 was $35,350. 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)
Stockholders' Equity:
Common Stock
December 31, 2025
Additional Paid-In Capital
Total Paid-in Capital
0
Total Stockholders' Equity
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 138,000 shares of common stock for $10 per share. November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share. November 24 Resell 7,800 shares of treasury stock at $35 per share. December 1 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 30 Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. RWP10-1 (Algo) Great Adventures Continuing Case Part 2 2. Great Adventures has net income of $42,307 in 2025. Retained earnings at the beginning of 2025 was $35,350. 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) Stockholders' Equity: Common Stock December 31, 2025 Additional Paid-In Capital Total Paid-in Capital 0 Total Stockholders' Equity
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College