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In: Accounting

A list of accounts for Maple Inc. at 12/31/2017 follows: Accounts Receivable $2,359 Advertising Expense 4,510...

A list of accounts for Maple Inc. at 12/31/2017 follows:

Accounts Receivable $2,359 Advertising Expense 4,510

Buildings and Equipment, Net 55,550

Capital Stock 50,000 Cash 590

Depreciation Expense 2,300 Dividends 6,000

Income Tax Expense 3,200 Income Tax Payable 3,200

Interest Receivable 100 Inventory: January 1, 2017 6,400

Inventory: December 31, 2017 7,500 Land 20,000

Net purchases 39,400 Retained Earnings, January 1, 2017 32,550

Salaries Expense 25,600 Salaries Payable 650

Net sales 83,584 Transportation-In 375

Utilities Expense 3,600

MAPLE INC. BALANCE SHEET AT DECEMBER 31, 2017

Assets Current assets:

Cash $ T $ T $ T $

Total current assets F

Property, plant, and equipment: T $ T $

Total property, plant, and equipment F

Total assets F Liabilities

Current liabilities: T $ T $

Total liabilities F Stockholders' Equity T $ T $

Total stockholders' equity F

Total liabilities and stockholders' equity F

Expert Solution

Maple Inc.

Balance Sheet

as at December 31, 2017

Current Assets
Cash	590
Accounts Receivable	2359
Interest Receivable	100
Inventory	7500
Total Current Assets	10549

Non - Current Assets
Land	20000
Building and Equipment	55550
Total Assets	86099

Liabilities
Salaries Payable	650
Income Tax Payable	3200
Total Liabilities	3850

Stockholders' Equity
Capital Stock	50000
Retained Earnings ( 32550 - 301)	32249
Total Stockholders' Equity	32349
Total Liabilities and Stockholders' Equity	86099

Calculation showing profit for the year ended December 31, 2017.

Net Sales	83584
Add : Ending Inventory	7500
Less : Net Purchases	(39400)
Less : Beginning inventory	(6400)
Less : Salaries Expense	(25600)
Less : Transportation	(375)
Less : Advertising Expense	(4510)
Less : Utility Expense	(3600)
Less : Depreciation	(2300)
Less : Income Tax Expense	(3200)
Less : Dividend	(6000)
Profit / (Loss) (Carried to retained earnings)	(301)

ekkarill92 answered 6 months ago

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