Maurice Inc. was started on January 1, 2017 and provided you with the following ending balances of its accounts on December 31, 2017:

Cash

$26,800

Salary and wages expense

$46,900

Equipment

201,000

Advertising expense

6,700

Accounts payable

50,920

Salary and wages payable

4,020

Accounts receivable

58,290

Inventory

6,700

Buildings

335,000

Prepaid rent

4,020

Note payable A, due March 31, 2018

20,400

Common shares

445,780

Sales revenue

268,000

Rent expense

22,110

Note payable B, due December 31, 2019

39,000

Cost of goods sold

120,600

You were also able to collect the following additional information:

The building and equipment were acquired on January 1, 2017 and have estimated useful lives of 20 years and

10 years, respectively. Maurice Inc. uses the straight-line method of depreciating buildings and equipment. The

depreciation expense was not recorded in 2017.

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