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 $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.) Investors Creditors Earnings Assets % % %

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 $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.) Investors Creditors Earnings Assets % % %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $33,000 cash in exchange for issuance of common stock. 2. Secured a $101,000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $13,723. 3. Purchased land for $27,000. 4. Provided services for $95,000. 5. Paid other operating expenses of $49.000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.)
Please! help me with this question
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. Issued 800,000 shares of $5-par-value common stock for $400,000 in cash. Borrowed $200,000 from Oglesby National Bank and signed a 8% note due in three years. Incurred and paid $160,000 in salaries for the year. Purchased $301,000 of merchandise inventory on account during the year. Sold inventory costing $205,000 for a total of $250,000, all on credit. Paid rent of $44,000 on the sales facilities during the first 11 months of the year. Purchased $60,000 of store equipment, paying $18,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $42,000 owed for store equipment and $227,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $15,000 during the year. Collected $221,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $16,000 of…
Please help me prepare a income statement and balance sheet .. I'm currently working on it and I need to know that I'm doing it correctly.
Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued capital stock for $965,000. Jan-01 Purchased a Packaging Equipment for $20,000. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $1,500. Jan-23 Paid wages for $13,000. Jan-25 Collect $8,000 in bank interest. Jan-30 Paid $12,590 due to income taxes. Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a…
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $52,675 cash to start the business and received 4,300 shares. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $49,150, amounts due from customers from sales of books, $28,850, property and equipment, $54,750, amounts owed to publishers for books purchased, $8,900; one-year note payable to a local bank for $4,200. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the balance sheet at December 31, 2020: Total assets Assets READER DIRECT Balance Sheet At December 31, 2020 $ Total liabilities Liabilities Shareholders' equity Total shareholders equity 0 Total llabilities & shareholders' equity $ 0 0
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 210,000 shares of $6-par-value common stock for $1,260,000 in cash. Borrowed $540,000 from Oglesby National Bank and signed a 13% note due in two years. Incurred and paid $420,000 in salaries for the year. Purchased $650,000 of merchandise inventory on account during the year. Sold inventory costing $630,000 for a total of $980,000, all on credit. Paid rent of $110,000 on the sales facilities during the first 11 months of the year. Purchased $170,000 of store equipment, paying $50,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $120,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $44,000 during the year. Collected $845,000 in cash from customers during…
Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): Borrowed $18,279 from banks due in two years. Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,584 in cash and signed a short-term note for $1,422. Issued additional shares of common stock for $1,481 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,021 for $19,021 cash. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. please complete this with working and show how did you get the number with other work answer in text thanks
The total assets and the total liabilities of a Kahn Jazz, Inc., at the beginning and at the end of the year appear below. During the year, the company paid $55,000 in cash dividends and issued an additional $33,000 of capital stock. Assets at Beginning and End of year, respectively, are $305,000 and $365,000. Liabilities at Beginning and End of year, respectively, are $200,000 and $230,000. The correct amount of Net Income or Net Loss for the year is: Net Income of $52,000 Net Loss of $58,000 Net Income of $30,000 Net Income of $85,000
The following events apply to Pearson Service Co. for Year 1, its first year of operation: Received cash of $50,000 from the issue of common stock. Performed $90,000 worth of services on account. Paid $64,000 cash for salaries expense. Purchased supplies for $12,000 on account. Collected $78,000 of accounts receivable. Paid $8,500 of the accounts payable. Paid a $5,000 dividend to the stockholders. Had $1,500 of supplies on hand at the end of the period. Required Record these events in general journal form. Post the entries to T-accounts and determine the ending balance in each account. Determine the amount of total assets at the end of Year 1. Determine the amount of net income for Year 1.