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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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jeff jeffy answered 1 year ago
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