Answer:
1. Proprietorship, Partnership and Corporation (details below)
2. Refer the answer with details below
3. Refer the answer with details below
Explanation:
1. Three primary forms of business organizations
Proprietorship
Having a single owner and hence all liabilities and assets belong to the proprietor and he is personally liable, lower tax
Partnership
Partnership of two or more, and therefore profits and liabilities are distributed and they are personally liable, lower tax than corporation
Corporation
Separate legal identity and hence owners are not personally liable, limited liability with stringent controls and regulated, higher tax rates.
Given the circumstances of the Great Adventures i.e. safety and sustainability, corporation would be recommended.
2. Activities
A) Financing Activities may include common stock, borrowings, and repayments.
B) Investing Activities may include purchase and sell of assets like land, building and machinery and investments
C) Operating Activities may include providing goods and services to the customers ans related operational cost to run the day to day business.
3. Specific Account Names
Assets may include Cash, Merchandise Inventory, Accounts Receivable, Property, Plant and Equipment
Liabilities may include Accounts Payable, Bank Overdraft, Notes Payable, accruals, loans.
Stockholders' equity may include common stock, retained earnings
Revenue may include Service revenue, other income
Expenses may include Salaries, Rent, Insurance advertising
