Problem 1-34A Part a Record the preceding transactions in the horizontal stateme

Question

Problem 1-34A Part 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), net change in cash (NC) and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.)

question: determine the amount of total assets that Maben would report on the December 31, 2016, balance sheet.

Required

Explanation / Answer

Answer: total assets =113000

Assets = Liabilities + Stockholder's Equity Revenue - Expense = Net income Statement of cash flows Event = + No. Cash + Land = Notes payable + Common stock + Retained earnings 1 35000 + 0 = 0 + 35000 + 0 0 0 NA 35000 FA 2 47000 + 0 = 47000 + 0 + 0 0 0 NA 47000 FA 3 63000 + 0 = 0 + 0 + 63000 63000 0 63000 63000 OA 4 -52500 + 0 = 0 + 0 + -52500 0 52500 -52500 (52500) OA 5 -2500 + 0 = 0 + 0 + -2500 0 0 NA -2500 FA 6 35000 + 0 = 0 + 35000 + 0 0 0 NA 35000 FA 7 -12000 + 0 = -12000 + 0 + 0 0 0 NA -12000 FA 8 -46000 + 46000 = 0 + 0 + 0 0 0 NA -46000 IC 9 0 + 0 = 0 + 0 + 0 0 0 NA NA Total 67000 + 46000 = 35000 + 70000 + 8000 63000 - 52500 = 10500 67000 NC

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