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

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Accounting

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, 201732,550

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

Answer & Explanation Solved by verified expert
3.8 Ratings (446 Votes)

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)

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