Question

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0 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 $33,000 cash from the issue of common stock 2. Borrowed $37,000 cash from National Bank 3. Earned cash revenues of $51,000 for performing services. 4. Paid cash expenses of $46,500. 5. Paid a $1,300 cash dividend to the stockholders. 6. Acquired an additional $23,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $56,000 cash to purchase land. 9. Determined that the market value of the land is $78,000.

Answer 1

No. Common Maben company Horizontal statements model for Year 1 Balance sheet Assets Liabilities + Event stock holders' Equity Notes Cash Retained + hand t t Payable Stock Earnings $ 33,000 + $ 33,000 t $ 37,000 $ 37,000 + $ 51,000 + $51,000 $(46, 500) + + $(46,500) 5. $ (1300) + + $ (1300) 6. & 23,000 + & $23,000 7. $ 19,000) + $ (9,000) + 8. $ (56,000) +$56,000 - 1. f 2 + + + y + + + 7 + + + + + Total $ 31,200 + $56,000-1 $ 20,000 & $56,000 + $3,200 Event Revenue 20 3 $51,000 4. Income Statement Statement of cash & Expense Net Income Flows $ 33,000 FA $ 37,000 FA $ 51,000 $ Slooo DA $ 46,500 = $(46,500) $ (46,500) 0A & (1,300) IFA $ 23,000 IFA $ 9,000) $ (56,000) IA NA 1$ 4,500 $ 31,200 INC 6 92 Total $51,000 1 1846,500

b) Total assets $ 87,200 Calculation: Total Assets = Cash & Land $31,200 + $56,000 $ 87,200 g Sources of Assets, Event 1. Issue of stock cash from loan Cash from revenue I sue of stock Total sources of assets 3. Amount $ 33,000 $ 37,000 $ 51,000 $ 23,000 $ 144,000 0-1) Net Income $ 4,500 calculation : Net Income = Revenue - Expenses $ 51,000 – $46,500 $4,500 Do, Net Income is $4,500. Dividends are not expenses So they do not appear on the income statement رع Net cash flows from operating activities & 4,500 Net cash flows from inverting activities $156,000) Net cash flows from financing activitie$ 82,700

Calculation! Operating activities: Cash from revenue $51,000 Cash paid for expenses. $(46,500) Net cash flow from operating activities $ 4,500 Investing activities cash paid to purchase land $156,000) Net cash flow from investing activities Financing activities : Cash from stock issues ($33,000 + $23,000) $56,000 cash from loan $37,000 Paid cash dividends $ (1,300) Cash paid on loan principal $ 19,000) Net cash flow from financing activities $ 82700 Assets Investors 64.22 % Creditors 32.11 7 Earnings 3.67 % Calculation: Percentage of assets provided by: Investors (cash paid to purchase land} : Total assets)x100 ($56,000 = $87,200) X100 64.22% Percentage of arrets provided by creditors of Liabilities Xloo Total assets

Percentage of assets provided by creditors $ 20,000 = $87,200) X100] 32.11% Percentage of assets provided by earnings (Retained earnings = total assets)x100 ($ 3,200 + $ 87,200) x 100 3.67%