Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $33,000 cash from the issue of common stock. 2. Borrowed $45,000 cash from National Bank. 3. Earned cash revenues of $61,000 for performing services. 4. Paid cash expenses of $51,500. 5. Paid a $2,300 cash dividend to the stockholders. 6. Acquired an additional $33,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $48,000 cash to purchase land. 9. Determined that the market value of the land is $67,000. b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet. Total assets

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1PA: Provide journal entries to record each of the following transactions. For each, also identify *the...
icon
Related questions
Question
Required information
[The following information applies to the questions displayed below.]
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:
1. Acquired $33,000 cash from the issue of common stock.
2. Borrowed $45,000 cash from National Bank.
3. Earned cash revenues of $61,000 for performing services.
4. Paid cash expenses of $51,500.
5. Paid a $2,300 cash dividend to the stockholders.
6. Acquired an additional $33,000 cash from the issue of common stock.
7. Paid $11,000 cash to reduce the principal balance of the bank note.
8. Paid $48,000 cash to purchase land.
9. Determined that the market value of the land is $67,000.
b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet.
Total assets
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $33,000 cash from the issue of common stock. 2. Borrowed $45,000 cash from National Bank. 3. Earned cash revenues of $61,000 for performing services. 4. Paid cash expenses of $51,500. 5. Paid a $2,300 cash dividend to the stockholders. 6. Acquired an additional $33,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $48,000 cash to purchase land. 9. Determined that the market value of the land is $67,000. b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet. Total assets
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning