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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,
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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