Below is a list of activities for Vikings Incorporated. Required: For each activity, indicate the impact on
Question:
Below is a list of activities for Vikings Incorporated.
Required:
For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains inbalance.
Transcribed Image Text:
Stockholders Transaction Assets Liabilities + Equ 1. Issue common stock in exchange for cash, $15,000 $15,0000+$15,000 2. Obtain a loan from the bank for 3. Receive cash of $1,200 in advance 4. Purchase supplies on account, $2,400 $9,000 from customers. .- 5. Pay one year of rent in advance 6. Provide services to customers orn 7. Repay $4,000 of the loan in (2) above $12,000 account, $3,000 8. Pay the full amount for supplies purchased in (4) above (3) above stockholders. 9. Provide services to customers in 10. Pay cash dividends of $1,000 to Totals
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
Transaction Assets Liabilities Stockholders Equity 1 Issue common ...View the full answer
Answered By
Elias Gichuru
am devoted to my work and dedicated in helping my clients accomplish their goals and objectives,providing the best for all tasks assigned to me as a freelancer,providing high quality work that yields high scores.promise to serve them earnestly and help them achieve their goals.i have the needed expertise,knowledge and experience to handle their tasks.
4.80+
325+ Reviews
859+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Accounting questions
-
Below is a list of activities for Purple Cow Incorporated. Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting...
-
Below is a list of activities for Jayhawk Corporation. Required: For each activity, indicate whether the transaction increases, decreases, or has no effect on assets, liabilities, and...
-
Below is a list of activities for Tigers Corporation. Required: For each activity, indicate whether the transaction increases, decreases, or has no effect on assets, liabilities, and...
-
Pettit Printing Company has a total market value of $100 million, consisting of 1 million shares selling for $50 per share and $50 million of 10 percent perpetual bonds now selling at par. The...
-
These graphs represent air pollutant measurements taken at two different locations. Which location is indoors, and which is outdoors? Explain your answer.
-
Show that for the Lagrangian density (16.7) of a complex scalar field, the field equation (16.14) reduces to the two Klein-Gordon equations given by Eq. (16.8). Data from Eq. 16.7 Data from Eq. 16.8...
-
Why is leasing versus buying an unfair comparison?
-
Globex Investment Capital Corporation owns six companies that have the following estimated returns (in millions of dollars) if sold in one of the next 3 years: To operating funds, the company must...
-
You can find this question from Excel worksheet "poison pill question". Twilight has 1,000,000 shares outstanding, and the current stock price is $25 per share. Yesterday, Activist Apollo made a...
-
Many computer manufacturers now include tools or simulators that allow you to measure the instruction set usage of a user program. Among the methods in use are machine simulation, hardware-supported...
-
RiverHawk Expeditions provides guided tours in scenic mountainous areas. After the first 11 months of operations in 2015, RiverHawk has the following account balances. The following transactions...
-
Below is a list of typical accounts. Required: For each account, indicate (1) The type of account (2) Whether the normal account balance is a debit or credit. For type of account, choose from asset,...
-
The case questions guide the student through the value chain analysis identified above. 1. Draw a diagram that illustrates the textbook supply chain from the publishers' point of view. 2. Who are the...
-
A constant force applied to object A causes it to accelerate at 5 m/s 2 . The same force applied to object B causes an acceleration of 3 m/s 2 . Applied to object C, it causes an acceleration of 8...
-
Suppose the stone's mass is increased to \(40 \mathrm{~kg}\), but it is launched at the same \(3 \mathrm{~m} / \mathrm{s}\). Which one of the following is true? A. The stone would now travel a longer...
-
On the Apollo 14 mission to the moon, astronaut Alan Shepard hit a golf ball with a golf club improvised from a tool. The free-fall acceleration on the moon is \(1 / 6\) of its value on earth....
-
A particle undergoing circular motion in the \(x y\)-plane stops on the positive \(y\)-axis. Which of the following does not describe its angular position? A. \(\pi / 2 \mathrm{rad}\) B. \(\pi...
-
A man pulling an empty wagon causes it to accelerate at 1.4 m/s 2 . What will the acceleration be if he pulls with the same force when the wagon contains a child whose mass is three times that of the...
-
(A) Francium (Z = 87) is an extremely rare radioactive element formed when actinium (Z = 89) undergoes alpha-particle emission. Francium occurs in natural uranium minerals, but estimates are that...
-
Graph one period of each function. y = 4 cos x
-
Suppose that you are the owner of a professional baseball team in a major city, and MLB allows a second team to locate in your city. On what basis should you be compensated?
-
This trial balance of Lagerstrom Company does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.1. The totals of the debit...
-
Riviera Theater Inc. was recently formed. All facilities were completed on March 31. On April 1, the ledger showed: Cash $6,300; Land $10,000; Buildings (concession stand, projection room, ticket...
-
A first year co-op student working for Solutions.com recorded the transactions for the month. He wasn't exactly sure how to journalize and post, but he did the best he could. He had a few questions,...
-
Weekend has arrived and Jasmine is on a shop-till-you-drop mission. She pushes a 40.8-kg cart up a 17.7-degree smooth ramp. What force (in Newtons), directed along the incline, must Jasmine apply to...
-
A circular coil with radius R sits flat on the table-top (in the x,y plane) with its center at the origin, and carries 5.0 A counter-clockwise to produce a 400 mT magnetic field intensity at the coil...
-
Have you experienced or observed momentum conservation in your daily life? Describe three examples with a detailed explanation?
Study smarter with the SolutionInn App