Financial Statements

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

Accounts Receivable	$2,359		Land	$20,000
Advertising Expense	4,510		Net purchases	39,400
Buildings and Equipment, Net	55,550		Retained Earnings, January 1, 2017	32,550
Capital Stock	50,000		Salaries Expense	25,600
Cash	590		Salaries Payable	650
Depreciation Expense	2,300		Net sales	83,584
Dividends	6,000		Transportation-In	375
Income Tax Expense	3,200		Utilities Expense	3,600
Income Tax Payable	3,200
Interest Receivable	100
Inventory:
January 1, 2017	6,400
December 31, 2017	7,500

Required:

1. Determine cost of goods sold for 2017. $

2. Determine net income for 2017. $

3. Prepare a balance sheet dated December 31, 2017.

Maple Inc.
Balance Sheet
At December 31, 2017
Assets
Current assets:
	$
Total current assets		$
Property, plant, and equipment:
	$
Total property, plant, and equipment
Total assets		$
Liabilities
Current liabilities:
	$
Total liabilities		$
Stockholders' Equity
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$