Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial stotements model LO 2-1 (The following information applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $31,000 cash from the issue of common stock 2 Borrowed $43,000 cash from National Bank 3. Earned cash revenues of $59,000 for performing services. 4. Paid cash expenses of $50,500 5. Paid a $2,100 cash dividend to the stockholders 6. Acquired an additional $31.000 cash from the issue of common stock 7 Paid $11,000 cash to reduce the principal bolance of the bank note 8. Paid $50,000 cosh to purchase land 9. Determined that the morket value of the land is $70,000.

Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial stotements model LO 2-1 (The following information applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $31,000 cash from the issue of common stock 2 Borrowed $43,000 cash from National Bank 3. Earned cash revenues of $59,000 for performing services. 4. Paid cash expenses of $50,500 5. Paid a $2,100 cash dividend to the stockholders 6. Acquired an additional $31.000 cash from the issue of common stock 7 Paid $11,000 cash to reduce the principal bolance of the bank note 8. Paid $50,000 cosh to purchase land 9. Determined that the morket value of the land is $70,000.

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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