Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation Acquired $36,000 cash from the issue of common stock Borrowed $34,000 cash from National Bank Earned cash revenues of $54,000 for performing services Paid cash expenses of $48,000 Paid a $1,600 cash dividend to the stockholders Acquired an additional $26,000 cash from the issue of common stock Paid $9,000 cash to reduce the principal balance of the bank note Paid $59,000 cash to purchase land Determined that the market value of the land is $83,000 Required Record the preceding transactions in the horizontal statements model Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or net change in cash (NC) If the element is not affected by the event, leave the cell blank Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet Determine the net income that Maben would report on the Year 1 income statement Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows Determine the percentage of assets that were provided by investors, creditors, and earnings MABEN COMPANY Horizontal Statements Model for Year 1 Event No Assets Balance Sheet Income Statement Liabilities Stockholders' Equity Net Notes Common Retained Revenue Expense Income Payable Stock Earnings 36,000 Statement of Cash Flows Cash Land 1 36,000 36,000 FA

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Posted on Sep 12, 2024

Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $36,000 cash from the

Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:

Acquired $36,000 cash from the issue of common stock.
Borrowed $34,000 cash from National Bank.
Earned cash revenues of $54,000 for performing services.
Paid cash expenses of $48,000.
Paid a $1,600 cash dividend to the stockholders.
Acquired an additional $26,000 cash from the issue of common stock.
Paid $9,000 cash to reduce the principal balance of the bank note.
Paid $59,000 cash to purchase land.
Determined that the market value of the land is $83,000.

Required

Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or net change in cash (NC). If the element is not affected by the event, leave the cell blank.
Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet.
Determine the net income that Maben would report on the Year 1 income statement.
Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows.
Determine the percentage of assets that were provided by investors, creditors, and earnings.

MABEN COMPANY Horizontal Statements Model for Year 1 Event No. Assets Balance Sheet Income Statement = Liabilities + Stockholders' Equity Net Notes Common Retained Revenue Expense = Income Payable Stock Earnings 36,000 + Statement of Cash Flows Cash + Land + + 1. 36,000 + + 36,000 FA