! 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 $34,000 cash from the issue of common stock. 2. Borrowed $36,000 cash from National Bank. 3. Earned cash revenues of $52,000 for performing services. 4. Paid cash expenses of $47,000. 5. Paid a $1,400 cash dividend to the stockholders. 6. Acquired an additional $24,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $57,000 cash to purchase land. 9. Determined that the market value of the land is $80,000. b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet. Total 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 $34,000 cash from the issue of common stock. 2. Borrowed $36,000 cash from National Bank. 3. Earned cash revenues of $52,000 for performing services. 4. Paid cash expenses of $47,000. 5. Paid a $1,400 cash dividend to the stockholders. 6. Acquired an additional $24,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $57,000 cash to purchase land. 9. Determined that the market value of the land is $80,000. b. Determine the amount of total assets that Maben would report on the December 31, Year 1, 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...

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