Financial Statements

A list of accounts for Maple Inc. at December 31, 2016, follows:

Accounts Receivable$2,359Land$20,000Advertising Expense4,510Net purchases39,400Buildings and Equipment, Net55,550Retained Earnings, January 1, 201632,550Capital Stock50,000Salaries Expense25,600Cash590Salaries Payable650Depreciation Expense2,300Net sales83,584Dividends6,000Transportation-In375Income Tax Expense3,200Utilities Expense3,600Income Tax Payable3,200Interest Receivable100Inventory:January 1, 20166,400December 31, 20167,500Required:

1.Determine cost of goods sold for 2016.

$

2.Determine net income for 2016.

$

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