Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $42,000 cash from National Bank. 3. Earned cash revenues of $58,000 for performing services. 4. Paid cash expenses of $50,000. 5. Paid a $2,000 cash dividend to the stockholders. 6. Acquired an additional $30,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $51,000 cash to purchase land. Question: Determined that the market value of the land is $71,000.Determine the percentage of assets that were provided by investors, creditors, and earnings
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $42,000 cash from National Bank. 3. Earned cash revenues of $58,000 for performing services. 4. Paid cash expenses of $50,000. 5. Paid a $2,000 cash dividend to the stockholders. 6. Acquired an additional $30,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $51,000 cash to purchase land. Question: Determined that the market value of the land is $71,000.Determine the percentage of assets that were provided by investors, creditors, and earnings
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Maben Company was started on January 1,
Year 1, and experienced the following
events during its first year of operation:
1. Acquired $30,000 cash from the
issue of common stock.
2. Borrowed $42,000 cash from
National Bank.
3. Earned cash revenues of $58,000 for
performing services.
4. Paid cash expenses of $50,000.
5. Paid a $2,000 cash dividend to the
stockholders.
6. Acquired an additional $30,000 cash
from the issue of common stock.
7. Paid $11,000 cash to reduce the
principal balance of the bank note.
8. Paid $51,000 cash to purchase land.
Question: Determined that the market
value of the land is $71,000.Determine
the percentage of assets that were
provided by investors, creditors, and
earnings
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