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inancial Statements A list of accounts for Maple Inc. at December 31, 2017, follows: Accounts Receivable $2,407 Land $20,100 Advertising Expense 4,520 Net purchases 39,310

inancial Statements

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

Accounts Receivable $2,407 Land $20,100
Advertising Expense 4,520 Net purchases 39,310
Buildings and Equipment, Net 55,500 Retained Earnings, January 1, 2017 32,853
Capital Stock 49,700 Salaries Expense 25,630
Cash 530 Salaries Payable 580
Depreciation Expense 2,200 Net sales 83,493
Dividends 6,070 Transportation-In 299
Income Tax Expense 3,180 Utilities Expense 3,680
Income Tax Payable 3,300
Interest Receivable 110
Inventory:
January 1, 2017 6,390
December 31, 2017 7,530

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 $

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