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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
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