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  • Vikings Incorporation

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    mobinil1
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    Solution is presented in excel format showing the answer to:Below is a list of activities for Vikings IncorporatedTransaction Assets = Liabilities + Stockholders’ Equity 1. Issue common stock in exchange for cash, $15,000. + $15,000 = $0 + +$15,000 2. Obtain a loan from the bank for $9,000. 3. Receive cash of $1,200 in advance from customers. 4. Purchase supplies on account, $2,400. 5. Pay one year of rent in advance, $12,000. 6. Provide services to customers on account, $3,000. 7. Repay $4,000 of the loan in (2) above. 8. Pay the full amount for supplies purchased in (4) above. 9. Provide services to customers in (3) above. 10. Pay cash dividends of $1,000 to stockholders. Totals For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains in balance.

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    Solution is presented in excel format showing the answer to:Below is a list of activities for Vikings IncorporatedTransaction Assets = Liabilities + Stockholders’ Equity 1. Issue common stock in exchange for cash, $15,000. + $15,000 = $0 + +$15,000 2. Obtain a loan from the bank for $9,000. 3. Receive cash of $1,200 in advance from customers. 4. Purchase supplies on account, $2,400. 5. Pay one year of rent in advance, $12,000. 6. Provide services to customers on account, $3,000. 7. Repay $4,000 of the loan in (2) above. 8. Pay the full amount for supplies purchased in (4) above. 9. Provide services to customers in (3) above. 10. Pay cash dividends of $1,000 to stockholders. Totals For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains in balance.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    260 views2 pages

    Vikings Incorporation

    Uploaded by

    mobinil1
    Solution is presented in excel format showing the answer to:Below is a list of activities for Vikings IncorporatedTransaction Assets = Liabilities + Stockholders’ Equity 1. Issue common stock in exchange for cash, $15,000. + $15,000 = $0 + +$15,000 2. Obtain a loan from the bank for $9,000. 3. Receive cash of $1,200 in advance from customers. 4. Purchase supplies on account, $2,400. 5. Pay one year of rent in advance, $12,000. 6. Provide services to customers on account, $3,000. 7. Repay $4,000 of the loan in (2) above. 8. Pay the full amount for supplies purchased in (4) above. 9. Provide services to customers in (3) above. 10. Pay cash dividends of $1,000 to stockholders. Totals For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains in balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Below is a list of activities for Vikings Incorporated.

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    Vikings Incorporated
    Transaction
    Assets
    Issue common stock in exchange for cash, $15,000.
    $15,000
    Obtain a loan from the bank for $9,000
    $9,000
    Receive cash of $1,200 in advance from customers.
    $1,200
    Purchase supplies on account, $2,400
    $2,400
    -$12,000
    Pay one year of rent in advance, $12,000
    $12,000
    Provide services to customers on account, $3,000.
    $3,000
    Repay $4,000 of the loan in (2) above.
    -$4,000
    Pay the full amount for supplies purchased in (4) above.
    -$2,400
    Provide services to customers in (3) above.
    $0
    Pay cash dividends of $1,000 to stockholders.
    -$1,000
    Totals
    $23,200

    Liabilities
    $0
    $9,000
    $1,200
    $2,400
    $0
    $0
    $0
    -$4,000
    -$2,400
    -$1,200
    $0
    $5,000

    Stockholders' Equity
    $15,000
    $0
    $0
    $0
    $0
    $0
    $3,000
    $0
    $0
    $1,200
    -$1,000
    $18,200

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