Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. maben company was started on january 1, year 1, an

Maben Company was started on January 1, Year 1, and experienced the following events...

70.2K

Verified Solution

Question

Accounting

Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
Acquired $30,000 cash from the issue of common stock.
Borrowed $40,000 cash from National Bank.
Earned cash revenues of $48,000 for performing services.
Paid cash expenses of $45,000.
Paid a $1,000 cash dividend to the stockholders.
Acquired an additional $20,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid $53,000 cash to purchase land.
Determined that the market value of the land is $75,000.
b. Determine the amount of total assets that Maben would report on the December 31,
Year 1, balance sheet.
Total assets
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose G has precisely one subgroup of order 5, and one subgroup of order 7....

Advance Math
Q

write a simple program to demonstrate the use of static type of variables in c++... use comments...

Programming
Q

Which of the following are possible causes of a lowered PCV Incorrect answers will be...

Biology
Q

59 A plano convex lenx u 1 5 has radius of curvature 10 cm It...

Physics
Q

CP Links History Bookmarks Pr D2L Homepage MAT172 N820 Pr X M Gmail ALEKS La...

Basic Math
Q

coord system)Plot the ordered pair (5,5). State in which quadrant or on which axis the...

Algebra
Q

Under IFRS, which of the following would be considered a provision? Select one: a. Accounts...

Accounting
Q

Explain the roles of the six federal government departments that interact with the tourism sector.

Accounting
Q

Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging...

Accounting
Q

33) The general fund of Caldwell had the following operating budget for the fiscal year...

Accounting
Q

The Modern Pen Company Jane Hayvice, controller of the Modern Pen Company, was concerned about...

Accounting
Q

Weighted-average method, spoilage, equivalent units. (CMA, adapted) Consider the following data for November 2017 from...

Accounting