FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:
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Acquired $32,000 cash from the issue of common stock.
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Borrowed $38,000 cash from National Bank.
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Earned cash revenues of $50,000 for performing services.
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Paid cash expenses of $46,000.
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Paid a $1,200 cash dividend to the stockholders.
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Acquired an additional $22,000 cash from the issue of common stock.
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Paid $10,000 cash to reduce the principal balance of the bank note.
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Paid $55,000 cash to purchase land.
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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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