Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Aug 2017 My Price 9.00

Maple Inc

Problem 5-9  Financial Statements

A list of accounts for Maple Inc. at December 31, 2014, follows:

 

Accounts Receivable

$  2,359

Land

$20,000

Advertising Expense

4,510

Purchase Discounts

800

Buildings  and  Equipment, Net

55,550

Purchases

40,200

Capital Stock

50,000

Retained Earnings, January 1, 2014

32,550

Cash

590

Salaries Expense

25,600

Depreciation Expense

2,300

Salaries Payable

650

Dividends

6,000

Sales

84,364

Income Tax Expense

3,200

Sales Returns

780

Income Tax Payable

3,200

Transportation-In

375

Interest Receivable

100

Utilities Expense

3,600

Inventory:

 

 

 

January 1, 2014

6,400

 

 

December 31, 2014

7,500

 

 

Required

1.        Determine cost of goods sold for 2014.

2.        Determine net income for 2014.

3.        Prepare a balance sheet dated December 31, 2014.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Aug 2017 12:08 AM My Price 9.00

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