Question

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		$

Answer 1

1.

Inventory, January 1, 2017	$    6,390
Add: Net purchases	$ 39,310
Add: Transportation in	$        299
Less: Inventory, December 31, 2017	$ (7,530)
Cost of goods sold	$ 38,469

2.

Net sales		$ 83,493
Less: Expenses
Cost of goods sold	$ 38,469
Advertising expense	$    4,520
Depreciation expense	$    2,200
Income tax expense	$    3,180
Salaries expense	$ 25,630
Utilities expense	$    3,680
Total expenses		$ 77,679
Net income		$    5,814

3.

Maple Inc
Balance Sheet
At December 31, 2017
Assets
Current assets
Cash	$        530
Accounts receivable	$    2,407
Inventory	$    7,530
Interest receivable	$        110
Total current assets		$ 10,577
Property, plant and equipment
Building and equipment, net	$ 55,500
Land	$ 20,100
Total Property, plant and equipment		$ 75,600
Total assets		$ 86,177
Liabilities
Current liabilities
Income tax payable	$    3,300
Salaries payable	$        580
Total liabilities		$    3,880
Stockholders equity
Capital stock	$ 49,700
Retained earnings ($32,853+$5,814-$6,070)	$ 32,597
Total Stockholders equity		$ 82,297
Total liabilities and stockholders' equity		$ 86,177

You can reach me over comment box if you have any doubts. Please rate this answer