[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $36,000 cash from the issue of common stock. 2. Borrowed $34,000 cash from National Bank. 3. Earned cash revenues of $54,000 for performing services. 4. Paid cash expenses of $48,000. 5. Paid a $1,600 cash dividend to the stockholders. 6. Acquired an additional $26,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $59,000 cash to purchase land. 9. Determined that the market value of the land is $83,000. Problem 2-20A (Algo) Part b b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet.

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 3AP
icon
Related questions
Question

bhavnagar

!
Required information
Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1
[The following information applies to the questions displayed below.]
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:
1. Acquired $36,000 cash from the issue of common stock.
2. Borrowed $34,000 cash from National Bank.
3. Earned cash revenues of $54,000 for performing services.
4. Paid cash expenses of $48,000.
5. Paid a $1,600 cash dividend to the stockholders.
6. Acquired an additional $26,000 cash from the issue of common stock.
7. Paid $9,000 cash to reduce the principal balance of the bank note.
8. Paid $59,000 cash to purchase land.
9. Determined that the market value of the land is $83,000.
Problem 2-20A (Algo) Part b
b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet.
Total assets
Transcribed Image Text:! Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1 [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $36,000 cash from the issue of common stock. 2. Borrowed $34,000 cash from National Bank. 3. Earned cash revenues of $54,000 for performing services. 4. Paid cash expenses of $48,000. 5. Paid a $1,600 cash dividend to the stockholders. 6. Acquired an additional $26,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $59,000 cash to purchase land. 9. Determined that the market value of the land is $83,000. Problem 2-20A (Algo) Part b b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet. Total assets
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning