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		$