The Maryland Corporation was started on January 1,2016,with the issuance of $50,000 of stock.During 2016,the company provided $75,000 of services on account and collected $68,000 of that amount.Maryland incurred $63,000 of expenses,and paid $50,000 of that amount during 2016.On December 31,2016,Maryland paid investors a $2,000 cash dividend and accrued $4,000 of salary expense.
Required:
1)What is the net income for year ended December 31,2016?
2)Prepare Maryland Corporation's Statement of Cash Flows for the year ended December 31,2016.Precede a cash outflow amount with a minus sign.
3)What is the balance in Maryland's retained earnings account after closing entries are made on December 31,2016?

Question

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The Answer of The Maryland Corporation was started on January 1,2016,with the issuance of $50,000 of stock.During 2016,the company provided $75,000 of services on account and collected $68,000 of that amount.Maryland incurred $63,000 of expenses,and paid $50,000 of that amount during 2016.On December 31,2016,Maryland paid investors a $2,000 cash dividend and accrued $4,000 of salary expense.
Required:
1)What is the net income for year ended December 31,2016?
2)Prepare Maryland Corporation's Statement of Cash Flows for the year ended December 31,2016.Precede a cash outflow amount with a minus sign.
3)What is the balance in Maryland's retained earnings account after closing entries are made on December 31,2016?

The Maryland Corporation Was Started on January 1,2016,with the Issuance