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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 $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
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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