Exercises & Problems Saved Required information Problem 1-34A (Algo) Show how events affect the horizontal statements model LO 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, Year 1, and experienced the following events during its first year of operation: 1. Acquired $29,000 cash from the issue of common stock. 2. Borrowed $41,000 cash from National Bank. 3. Earned cash revenues of $57,000 for performing services. 4. Paid cash expenses of $49,500. 5. Paid a $1,900 cash dividend to the stockholders. 6. Acquired an additional $29,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $52,000 cash to purchase land. 9. Determined that the market value of the land is $73,000. Problem 1-34A (Algo) Part b b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet. Total assets es & Problems Saved 52F%252Fima.mheducation.com%252Fgmidd Required information Problem 1-34A (Algo) Show how events affect the horizontal statements model LO 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, Year 1, and experienced the following events during its first year of operation: 1. Acquired $29,000 cash from the issue of common stock. 2. Borrowed $41,000 cash from National Bank. 3. Earned cash revenues of $57,000 for performing services. 4. Paid cash expenses of $49,500. 5. Paid a $1,900 cash dividend to the stockholders. 6. Acquired an additional $29,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $52,000 cash to purchase land. 9. Determined that the market value of the land is $73,000. oblem 1-34A (Algo) Part a Hel uired ecord the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as perating activities (OA), investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the cell ank The firet avant le chown as an example. (Enter any decreases to account balances and cash outflows with a minus sign. cises & Problems i Saved Required information a. Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the ce blank. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) MABEN COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement Event No. Assets Cash 4 Land Liabilities +Stockholders' Equity Notes Payable Stock Common Retained Revenue Earnings Net Expense Statement of Cash Flows Income 1. 29,000+ 29,000+ 29,000 FA 2. + 3. 4. 5. 6. + 7. 8. 9. Total 29,000+ + 0= 0+ 29,000+ 0 0 0= 0 29,000