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Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases Advertising Expense 12,900 Capital Stock 50,000 Cash 22,340 201 $61,608 Retained Earnings, January 1, 2017 28,252 Salaries Payable Net sales 650 111,760 DE

Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases Advertising Expense 12,900 Capital Stock 50,000 Cash 22,340 201 $61,608 Retained Earnings, January 1, 2017 28,252 Salaries Payable Net sales 650 111,760 DE

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases Advertising Expense 12,900 Capital Stock 50,000 Cash 22,340 Dividends 6,000 Income Tax Expense 1,450 Income Tax Payable 1,450 Inventory: Lloyd Inc. Balance Sheet January 1, 2017 6,400 December 31, 2017 5,900 1. Determine cost of goods sold for 2017. $ At December 31, 2017 2. Determine net income for 2017. $ 3. Prepare a balance sheet dated December 31, 2017. Assets Current assets: Total assets Liabilities Current liabilities: $61,608 Retained Earnings, January 1, 2017 28,252 Salaries Payable Total liabilities Net sales Stockholders' Equity Transportation-In Utilities Expense Wages and Salaries Expense Wages Payable Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ $ $ 650 111,760 375 1,800 23,000 120
Transcribed Image Text:Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases Advertising Expense 12,900 Capital Stock 50,000 Cash 22,340 Dividends 6,000 Income Tax Expense 1,450 Income Tax Payable 1,450 Inventory: Lloyd Inc. Balance Sheet January 1, 2017 6,400 December 31, 2017 5,900 1. Determine cost of goods sold for 2017. $ At December 31, 2017 2. Determine net income for 2017. $ 3. Prepare a balance sheet dated December 31, 2017. Assets Current assets: Total assets Liabilities Current liabilities: $61,608 Retained Earnings, January 1, 2017 28,252 Salaries Payable Total liabilities Net sales Stockholders' Equity Transportation-In Utilities Expense Wages and Salaries Expense Wages Payable Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ $ $ 650 111,760 375 1,800 23,000 120
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