[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. ote: Round your answers to 2 decimal places. nvestors Creditors Earnings Assets % % %
[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. ote: Round your answers to 2 decimal places. nvestors Creditors Earnings Assets % % %
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 3AP
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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.
Investors
Creditors
Earnings
Assets
%
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f532a2d-41c4-4378-bc40-36a341559f3a%2F471fa66a-15d7-4edf-bb04-81b3782eea67%2Fws5pmvs_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. 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.
Investors
Creditors
Earnings
Assets
%
%
%
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