A list of accounts of Lloyd INC. at December 2017...

Required

1. Determined the cost of goods sold

2. Determine Net Income for 2017

3. Prepare a Balance Sheet dated December 31, 2017

4. Calculate Inventory Turnover Ratio, Days to sell inventory, and the cash paid to purchase inventory

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