Reference no: EM132674482

Question - Financial Statements

A list of accounts for Maple Inc. at December 31, 2016, 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, 2016 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 Receivable100 Inventory: January 1, 2016 6,400

December 31, 2016 7,500

Required -

1. Determine cost of goods sold for 2016.

2. Determine net income for 2016.