A list of accounts for Lloyd Inc. at December 31, 2010, follows:

Required
1. Determine cost of goods sold for 2010.
2. Determine net income for 2010.
3. Prepare a balance sheet dated December 31,2010.

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Accounts Receivable Advertising Expense Capital Stock Cash Dividends Income Tax Expense Income Tax Payable Inventory: $1,237 62,845 50,000 Retained Earnings, January 1, 2010 28,252 650 112,768 1,008 375 1,800 23,000 120 $56,359 Purchase Discounts 12,900 Purchases 22,340 Salaries Payable 6,000 Sales 1.450 Sales Returns 1,450 Transportation-In January 1, 2010 December 31, 2010 6,400 5,900 Utilities Expense Wages and Salaries Expense Wages Payable