Stockholders' Transaction Assets Liabilities + Equity 1. Issue common stock in exchange for cash, $15,000. 2. Obtain a loan from the bank for $9,000. 3. Receive cash of $1,200 in advance + $15,000 $0 + +$15,000 %3D 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 + || | ||
Stockholders' Transaction Assets Liabilities + Equity 1. Issue common stock in exchange for cash, $15,000. 2. Obtain a loan from the bank for $9,000. 3. Receive cash of $1,200 in advance + $15,000 $0 + +$15,000 %3D 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 + || | ||
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Below is a list of activities for Vikings Incorporated.
Required:
For each activity, indicate the impact on the
Transcribed Image Text:Stockholders'
Transaction
Assets
Liabilities +
Equity
1. Issue common stock in exchange
for cash, $15,000.
2. Obtain a loan from the bank for
$9,000.
3. Receive cash of $1,200 in advance
+ $15,000
$0
+
+$15,000
%3D
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
+
|| | ||
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