1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000.
1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:
1. Acquired $35,000 cash from the issue of common stock.
2. Borrowed $35,000 cash from National Bank.
3. Earned cash revenues of $53,000 for performing services.
4. Paid cash expenses of $47,500.
5. Paid a $1,500 cash dividend to the stockholders.
6. Acquired an additional $25,000 cash from the issue of common stock.
7. Paid $9,000 cash to reduce the principal balance of the bank note.
8. Paid $58,000 cash to purchase land.
9. Determined that the market value of the land is $81,000.
f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal
places.)
Investors
Creditors
Earnings
Percentage of
assets"
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Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:
1. Acquired $35,000 cash from the issue of common stock.
2. Borrowed $35,000 cash from National Bank.
3. Earned cash revenues of $53,000 for performing services.
4. Paid cash expenses of $47,500.
5. Paid a $1,500 cash dividend to the stockholders.
6. Acquired an additional $25,000 cash from the issue of common stock.
7. Paid $9,000 cash to reduce the principal balance of the bank note.
8. Paid $58,000 cash to purchase land.
9. Determined that the market value of the land is $81,000.
f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal
places.)
Investors
Creditors
Earnings
Percentage of
assets
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