Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $32,000 cash from the issue of common stock. Borrowed $38,000 cash from National Bank. Earned cash revenues of $50,000 for performing services. Paid cash expenses of $46,000. Paid a $1,200 cash dividend to the stockholders. Acquired an additional $22,000 cash from the issue of common stock. Paid $10,000 cash to reduce the principal balance of the bank note. Paid $55,000 cash to purchase land. Determined that the market value of the land is $77,000. F. Determine the percentage of assets that were provided by investors, creditors, and earnings.
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $32,000 cash from the issue of common stock. Borrowed $38,000 cash from National Bank. Earned cash revenues of $50,000 for performing services. Paid cash expenses of $46,000. Paid a $1,200 cash dividend to the stockholders. Acquired an additional $22,000 cash from the issue of common stock. Paid $10,000 cash to reduce the principal balance of the bank note. Paid $55,000 cash to purchase land. Determined that the market value of the land is $77,000. F. Determine the percentage of assets that were provided by investors, creditors, and earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:
-
Acquired $32,000 cash from the issue of common stock.
-
Borrowed $38,000 cash from National Bank.
-
Earned cash revenues of $50,000 for performing services.
-
Paid cash expenses of $46,000.
-
Paid a $1,200 cash dividend to the stockholders.
-
Acquired an additional $22,000 cash from the issue of common stock.
-
Paid $10,000 cash to reduce the principal balance of the bank note.
-
Paid $55,000 cash to purchase land.
-
Determined that the market value of the land is $77,000. F. Determine the percentage of assets that were provided by investors, creditors, and earnings.
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