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ID: 2606071 • Letter: E
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edu ×e(i) McGraw Hill Campus·N3McGraiHa Education , xy a Conect e I https//newconnect.mheducation.com/flow/connect.htm One Graded Homework Help 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 $37000 cash from the issue of common stock 2. Borrowed $33,000 cash from National Bank 3. Earned cash revenues of $55,000 for performing services 4. Paid cash expenses of $48,500 5. Paid a $1,700 cash dividend to the stockholders. 6. Acquired an additional $27,000 cash from the issue of common stock 7. Paid $8.000 cash to reduce the principal balance of the bank note 8. Paid $60.000 cash to purchase land 9. Determined that the market value of the land is $84,000. b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet EEE Scoreer>Explanation / Answer
Answer:
Total assets = $33,800 + $60,000 = $93,800
Maben Company Horizontal Statements Model for 2018 Balance Sheet Income Statement Statement of cash flows Event No. Assets = Liabilities + Stockholders' Equity Cash + Land = Notes Payable + Common Stock + Retained earnings Revenue - Expense = Net Income 1 37000 + = + 37000 + - = 37000 FA 2 33000 + = 33000 + + - = 33000 FA 3 55000 + = + + 55000 55000 - = 55000 55000 OA 4 -48500 + = + + -48500 - 48500 = -48500 -48500 OA 5 -1700 + = + + -1700 - = -1700 FA 6 27000 + = + 27000 + - = 27000 FA 7 -8000 + = -8000 + + - = -8000 FA 8 -60000 + 60000 = + + - = -60000 IA 9 NA TOTAL 33800 + 60000 = 25000 + 64000 + 4800 55000 - 48500 = 6500 33800 NCRelated Questions
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