Answered step by step
Verified Expert Solution
Question
1 Approved Answer
total assets? Required information Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10 [The following information
total assets?
Required information Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10 [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 $31,000 cash from the issue of common stock. 2. Borrowed $43,000 cash from National Bank. 3. Earned cash revenues of $59,000 for performing services. 4. Paid cash expenses of $50,500. 5. Paid a $2,100 cash dividend to the stockholders. 6. Acquired an additional $31,000 cash from the issue of common stock. 7. Paid $11.000 cash to reduce the principal balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. Event MABEN COMPANY Horizontal Statements Model for 2018 Balance Sheet Income Statement = Liabilities + Stockholders' Equity Notes Common Retained Revenue - Expense = Payable " Stock Earnings 31,000+ No. Net Assets Cash + Land 31,000 + Statement of Cash Flows 31,000 FA + + + + + + + + + + + + + + + + + + + + + + + + + + + Total Sources of Assets Event Amount Total sources of assets Net income d-2.Will dividends appear in the income statement? Yes Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activitiesStep 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