Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable...

Financial Statements

A list of accounts for Lloyd Inc. at December 31, 2017, follows:

Accounts Receivable	$56,359	Net purchases	$61,608
Advertising Expense	12,900	Retained Earnings, January 1, 2017	28,252
Capital Stock	50,000	Salaries Payable	650
Cash	22,340	Net sales	111,760
Dividends	6,000	Transportation-In	375
Income Tax Expense	1,450	Utilities Expense	1,800
Income Tax Payable	1,450	Wages and Salaries Expense	23,000
Inventory:		Wages Payable	120
January 1, 2017	6,400
December 31, 2017	5,900

1. Determine cost of goods sold for 2017.
$

2. Determine net income for 2017.
$

3. Prepare a balance sheet dated December 31, 2017.

Lloyd Inc.
Balance Sheet
At December 31, 2017
Assets
Current assets:
	$


Total assets		$
Liabilities
Current liabilities:
	$


Total liabilities		$
Stockholders' Equity
	$

Total stockholders' equity
Total liabilities and stockholders' equity		$

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