Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $14,000. They expect to use the Suburban for five years and then sell the vehicle for $5,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,300 to GEICO for a one-year insurance policy. The company spends an extra $5,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,500 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1,400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection, Post-closing Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reporte separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, ba your selection. Post-closing Assets Current Assets: GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Total current liabilities Long-term liabilities: Total Current Assets Long-term assets: 0 Total liabilities 0 Stockholders' Equity Total Assets Total Stockholders' Equity 0 0 Total Liabilities & Stockholders' Equity $ 0 0

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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Transcribed Image Text:Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $14,000. They expect to use the Suburban for five years and then sell the vehicle for $5,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,300 to GEICO for a one-year insurance policy. The company spends an extra $5,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,500 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1,400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection, Post-closing Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reporte separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, ba your selection. Post-closing Assets Current Assets: GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Total current liabilities Long-term liabilities: Total Current Assets Long-term assets: 0 Total liabilities 0 Stockholders' Equity Total Assets Total Stockholders' Equity 0 0 Total Liabilities & Stockholders' Equity $ 0 0

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