Please do not give solution in image format thanku Financial StatementsA list of accounts for Lloyd Inc. at December 31, 2017, follows:Accounts Receivable $56,359Net purchasesAdvertising Expense 12,900Capital Stock50,000Cash22,340Dividends6,000Income Tax Expense 1,450Income Tax Payable 1,450Inventory:Lloyd Inc.Balance SheetJanuary 1, 20176,400December 31, 2017 5,9001. Determine cost of goods sold for 2017.$At December 31, 20172. Determine net income for 2017.$3. Prepare a balance sheet dated December 31, 2017.AssetsCurrent assets:Total assetsLiabilitiesCurrent liabilities:$61,608Retained Earnings, January 1, 2017 28,252Salaries PayableTotal liabilitiesNet salesStockholders' EquityTransportation-InUtilities ExpenseWages and Salaries ExpenseWages PayableTotal stockholders' equityTotal liabilities and stockholders' equity$$$$$$650111,7603751,80023,000120

Net Income -The amount of profit or loss left over after all costs are subtracted from revenue is…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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