! Required Information [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. Pald cash expenses of $50,500. 5. Pald 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 balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. Required: a. Record the preceding transactions in the Horizontal Financial Statements Model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the cell blank. The first event is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Event Cash Land 1. 31,000 2 2345 3. +++ 4. 5. B. 7. 8. 9. Total MABEN COMPANY Horizontal Financial Statements Model for Year 1 Balance Sheet Income Statement Liabilities Stockholders' Equity 11 Notes Common Payable Stock Retained Revenue Earnings Expenses 11 31.000 The letters NC on the last line of the column designate the net change in cash. Net Statement of Cash Flows Income 31.000 FA NO
! Required Information [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. Pald cash expenses of $50,500. 5. Pald 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 balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. Required: a. Record the preceding transactions in the Horizontal Financial Statements Model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the cell blank. The first event is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Event Cash Land 1. 31,000 2 2345 3. +++ 4. 5. B. 7. 8. 9. Total MABEN COMPANY Horizontal Financial Statements Model for Year 1 Balance Sheet Income Statement Liabilities Stockholders' Equity 11 Notes Common Payable Stock Retained Revenue Earnings Expenses 11 31.000 The letters NC on the last line of the column designate the net change in cash. Net Statement of Cash Flows Income 31.000 FA NO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required Information
[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. Pald cash expenses of $50,500.
5. Pald 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 balance of the bank note.
8. Paid $50,000 cash to purchase land.
9. Determined that the market value of the land is $70,000.
Required:
a. Record the preceding transactions in the Horizontal Financial Statements Model. Also, in the Cash Flows column, classify the cash
flows as operating activities (OA), Investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave
the cell blank. The first event is shown as an example.
Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
Assets
Event
Cash
Land
1.
31,000
2
2345
3.
+++
4.
5.
B.
7.
8.
9.
Total
MABEN COMPANY
Horizontal Financial Statements Model for Year 1
Balance Sheet
Income Statement
Liabilities
Stockholders' Equity
11
Notes
Common
Payable
Stock
Retained Revenue
Earnings
Expenses
11
31.000
The letters NC on the last line of the column designate the net change in cash.
Net
Statement of Cash
Flows
Income
31.000
FA
NO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8033e12-306b-4455-b62f-c75f6c572a50%2Fc1a3b9f6-df0f-4a0f-a27f-92b078c15e67%2F2cadvhx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required Information
[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. Pald cash expenses of $50,500.
5. Pald 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 balance of the bank note.
8. Paid $50,000 cash to purchase land.
9. Determined that the market value of the land is $70,000.
Required:
a. Record the preceding transactions in the Horizontal Financial Statements Model. Also, in the Cash Flows column, classify the cash
flows as operating activities (OA), Investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave
the cell blank. The first event is shown as an example.
Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
Assets
Event
Cash
Land
1.
31,000
2
2345
3.
+++
4.
5.
B.
7.
8.
9.
Total
MABEN COMPANY
Horizontal Financial Statements Model for Year 1
Balance Sheet
Income Statement
Liabilities
Stockholders' Equity
11
Notes
Common
Payable
Stock
Retained Revenue
Earnings
Expenses
11
31.000
The letters NC on the last line of the column designate the net change in cash.
Net
Statement of Cash
Flows
Income
31.000
FA
NO
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