Preparing Financial Statements
Not what you're looking for?
Please see attachment for full problem description.
A list of accounts for Lloyd Inc. at December 31, 2010, follows:
Accounts Receivable $56,359
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: January 1, 2010 6,400
Inventory: December 31, 2010 5,900
Purchase Discounts 1,237
Purchases 62,845
Retained Earnings, January 1, 2010 28,252
Salaries Payable 650
Sales 112,768
Sales Returns 1,008
Transportation-in 375
Utilities Expense 1,800
Wages and Salaries Expense 23,000
Wages Payable 120
Required
1. Determine cost of goods sold for 2010.
Cost of Goods Sold for 2010:
T F
T F
T F
T F
T F
T F
T F
T F
Cost of goods sold F
2. Determine net income for 2010.
Net Income for 2010:
Sales F
Less: sales returns F
T F
Cost of goods sold (from Part 1) F
T F
Operating expenses:
T F
T F
T F
Total operating expenses F
Income before tax F
T F
Net income F
3. Prepare a balance sheet dated December 31, 2010.
LLOYD INC.
BALANCE SHEET
AT DECEMBER 31, 2010
Assets
T F
T F
T F
Total assets F
Liabilities
T F
T F
T F
Total liabilities F
Stockholders' Equity
T F
T F
Total stockholders' equity F
Total liabilities and stockholders' equity F
Purchase this Solution
Solution Summary
The following posting helps prepare financial statements.
Purchase this Solution
Free BrainMass Quizzes
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Operations Management
This quiz tests a student's knowledge about Operations Management
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.