Question
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $34,000 cash from the issue
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $34,000 cash from the issue of common stock. Borrowed $36,000 cash from National Bank. Earned cash revenues of $52,000 for performing services. Paid cash expenses of $47,000. Paid a $1,400 cash dividend to the stockholders. Acquired an additional $24,000 cash from the issue of common stock. Paid $9,000 cash to reduce the principal balance of the bank note. Paid $57,000 cash to purchase land.
Determined that the market value of the land is $80,000. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.)
*please show work*
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started