Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $32,000 cash from the issue of common stock. 2. Borrowed $38,000 cash from National Bank. 3. Earned cash revenues of $50,000 for performing services. 4. Paid cash expenses of $46,000. 5. Paid a $1,200 cash dividend to the stockholders. 6. Acquired an additional $22,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $55,000 cash to purchase land. 9. Determined that the market value of the land is $77,000.

Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $32,000 cash from the issue of common stock. 2. Borrowed $38,000 cash from National Bank. 3. Earned cash revenues of $50,000 for performing services. 4. Paid cash expenses of $46,000. 5. Paid a $1,200 cash dividend to the stockholders. 6. Acquired an additional $22,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $55,000 cash to purchase land. 9. Determined that the market value of the land is $77,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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