Question

I got $67000 which is wrong. I need help please explain and show work/ I rate instantly

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: . Acquired $35,000 cash from the issue of common stock 2. Borrowed $47,000 cash from National Bank. 3. Earned cash revenues of $63,000 for performing services 4. Paid cash expenses of $52,500 5. Paid a $2,500 cash dividend to the stockholders 6. Acquired an additional $35,000 cash from the issue of common stock. 7. Paid $12,000 cash to reduce the principal balance of the bank note. 8. Paid $46,000 cash to purchase land 9. Determined that the market value of the land is $64,000. b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet Total assets $ 67,000

Answer 1

Transaction #		Total Assets
1	Cash increased	$35,000
2	Cash increased	$47,000
3	Cash increased by cash revenue	$63,000
4	Cash decreased by expenses paid	($52,500)
5	Cash decreased by amt of dividend	($2,500)
6	Cash received from issue of stock	$35,000
7	Cash paid to reduce liability	($12,000)
8	Cash decreases, and Land increased, hence no effect on Total Assets	$0
9	Will not be considered for accounting	$0
	TOTAL ASSETS	$113,000