Financial Statements A list of accounts for Maple Inc. at 12/31/08 follows.

Required 1. Determine cost of goods sold for 2008.
2. Determine net income for 2008.
3. Prepare a balance sheet dated December 31, 2008.

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Accounts Receivable $ 2,359 Land $20,000 Advertising Expense 4,510 Purchase Discounts 800 Buildings and Equipment, Net 55,550 Purchases 40,200 Capital Stock 50,000 Retained Earnings, January 1, 2008 32,550 Cash 590 Salaries Expense 25,600 Depreciation Expense 2,300 Salaries Payable 650 Dividends 6,000 Sales 84,364 Income Tax Expense 3,200 Sales Returns 780 Income Tax Payable 3,200 Transportation-in 375 Interest Receivable 100 Utilities Expense 3,600 Inventory: January 1, 2008 6,400 December 31, 2008 7,500