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...

60.1K

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Programming
1.2K views

(Please use some in text citations and references or works cited please. If you have answered...

Psychology
1.2K views

Explain the basic difference between these three theories: 1. Cue dependent forgetting: 2. Intereference theory: 3....

Mechanical Engineering
1.2K views

Biomaterials: Fracture and fatigue are two types of mechanical failure that can occur in a material. What...

Advance Math
1.2K views

Determine if x = 0 is an ordinary point, regular singular point, or irregualr singlar point...

Biology
1.2K views

5 Walking between sprints is an example of resting O A passively O B actively...

Calculus
1.2K views

many different committees can be formed from 7 hers and 45 students if the committee...

Accounting
1.2K views

4. Construct an Excel spreadsheet to answer the questions in Problem...

Accounting
1.2K views

The treasurer of Landowska Co. has heard that conservatism is adoctrine that is followed in...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.) Doyle Company issued $300,000...

Accounting
1.2K views

Consider a company that has issued $8 million in debt, pays a 6% interest rate...

Finance
1.2K views

The managing directors of revolution bikes are considering what value to place on the Racer...

Finance
1.2K views

Noll 2 pts Question 29 A new restaurant is ready to open for business. It...