A list of accounts for Maple Inc. at December 31, 2017, follows:

Required
1. Determine cost of goods sold for 2017.
2. Determine net income for 2017.
3. Prepare a balance sheet dated December 31, 2017.

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Accounts Receivable Advertising Expense Buildings and Equipment, Net 4,510 Net purchases 55,550 Retained Earnings, January 1, 2017 50,000 Salaries Expense 590 Salaries Payable Depreciation Expense 6,000 Transportation-In 3,200 Utilities Expense Income Tax Expense Income Tax Payable Interest Receivable January 1,2017 December 31, 2017