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isaiahcannon5709
27.05.2020 •
Mathematics
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:
Acquired $35,000 cash from the issue of common stock.
Borrowed $47,000 cash from National Bank.
Earned cash revenues of $63,000 for performing services.
Paid cash expenses of $52,500.
Paid a $2,500 cash dividend to the stockholders.
Acquired an additional $35,000 cash from the issue of common stock.
Paid $12,000 cash to reduce the principal balance of the bank note.
Paid $46,000 cash to purchase land.
Determined that the market value of the land is $64,000.
Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.)
Investors ??%
Creditors ??%
Earnings ??%
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Ответ:
61.95%
30.97%
7.08%
Step-by-step explanation:
For computing the percentage of assets provided by investors, creditors, and earnings first we need to find out the ending cash balance which is shown below:
Ending Cash Balance (Amounts in $)
Cash from issue of common stock35,000
Add: Borrowing from National bank47,000
Add: Earned cash revenues63,000
Less: Paid cash expenses(52,500)
Less: Paid cash dividend(2,500)
Add: Acquired an additional issue of shares35,000
Less: Repayment of bank note(12,000)
Less: Purchase of land(46,000)
Ending cash balance67,000
Now the ending balance of total assets, common stock, bank note payable, retained earning are as follows
Total assets = Land + Cash
= $46,000 + $67,000
= $113,000
The Ending balance of Common Stock is
= Issuance of the common stock + Additional issuance of the stock
= $35,000+$35,000
= $70,000
The Ending Balance of Bank Note
= Borrowings - repayment
= $47,000 - $12,000
= $35,000
The Ending Retained Earnings balance is
= Revenues earned - Expenses incurred - Dividends paid
= $63,000 - $52,500 - $2,500
= $8,000
So,
Ответ:
hello! your answer is 4. I just completed the assignment and got it correct. Hope it helps.