edu ei McGraw Hill CampusN3McGraiHa Education xy a Conect e

edu ×e(i) McGraw Hill Campus·N3McGraiHa Education , xy a Conect e I https//newconnect.mheducation.com/flow/connect.htm One Graded Homework Help Required information 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 $37000 cash from the issue of common stock 2. Borrowed $33,000 cash from National Bank 3. Earned cash revenues of $55,000 for performing services 4. Paid cash expenses of $48,500 5. Paid a $1,700 cash dividend to the stockholders. 6. Acquired an additional $27,000 cash from the issue of common stock 7. Paid $8.000 cash to reduce the principal balance of the bank note 8. Paid $60.000 cash to purchase land 9. Determined that the market value of the land is $84,000. b. Determine the amount of total assets that Maben would report on the December 31, 2018, balance sheet EEE Scoreer>

Solution

Answer:

Total assets = $33,800 + $60,000 = $93,800

Maben Company
Horizontal Statements Model for 2018
Balance Sheet                                                                                                                                    Income Statement	Statement of cash flows
Event No.	Assets			=	Liabilities	+	Stockholders\' Equity
	Cash	+	Land	=	Notes Payable	+	Common Stock	+	Retained earnings	Revenue	-	Expense	=	Net Income
1	37000	+		=		+	37000	+			-		=		37000	FA
2	33000	+		=	33000	+		+			-		=		33000	FA
3	55000	+		=		+		+	55000	55000	-		=	55000	55000	OA
4	-48500	+		=		+		+	-48500		-	48500	=	-48500	-48500	OA
5	-1700	+		=		+		+	-1700		-		=		-1700	FA
6	27000	+		=		+	27000	+			-		=		27000	FA
7	-8000	+		=	-8000	+		+			-		=		-8000	FA
8	-60000	+	60000	=		+		+			-		=		-60000	IA
9																NA
TOTAL	33800	+	60000	=	25000	+	64000	+	4800	55000	-	48500	=	6500	33800	NC