[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 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. f. Determine the percentage of assets that were provided by investors, creditors, and earnings. Note: Round your answers to 2 decimal places.
[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 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. f. Determine the percentage of assets that were provided by investors, creditors, and earnings. Note: Round your answers to 2 decimal places.
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. 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 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.
. Determine the percentage of assets that were provided by investors, creditors, and earnings.
Note: Round your answers to 2 decimal places.
Answer is complete but not entirely correct.
Assets
59.66 X %
31.88 %
Investors
Creditors
Earnings
8.47%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aca326f-324e-4173-b188-192d48e02cc0%2F0beb08e0-8114-49db-8ab6-25ccf647260a%2Fgscu5o_processed.png&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. 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 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.
. Determine the percentage of assets that were provided by investors, creditors, and earnings.
Note: Round your answers to 2 decimal places.
Answer is complete but not entirely correct.
Assets
59.66 X %
31.88 %
Investors
Creditors
Earnings
8.47%
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