Balance sheet:

Options: Accounts Payable, Accounts Receivable, cash, common stock, cost of goods sold, interest expense, inventory, notes payable long-term,other expenses,property and equipment, retained earnings, sales, wage expense

	2016	2015

The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for 2016 are shown below.

Extra Surplus Company
Balance Sheet
December 31, 2015
Assets
Cash	$	19,000
Accounts Receivable		9,500
Inventory		22,800
Property and Equipment, Net		38,000
	$	89,300
Liabilities and Stockholders Equity
Accounts Payable	$	19,000
Notes Payable, Long-Term		9,500
Common Stock		38,000
Retained Earnings		22,800
	$	89,300

Extra Surplus Company
Income Statement
For the Year Ended December 31, 2016
Sales	$	36,400
Cost of Goods Sold		8,400
Salaries and Wage Expense		8,400
Interest Expense		2,800
Other Expenses		1,400
Net Income	$	15,400

Additional data:

Sales were $36,400; $22,400 in cash was received from customers.

Bought new land for cash, $28,000.

Sold other land for its book value of $14,000.

Paid $2,800 principal on the long-term note payable and $2,800 in interest.

Issued new shares of stock for $28,000 cash.

Cash dividends of $4,600 were declared and paid to stockholders.

Paid $16,300 on accounts payable.

No inventory purchases were made; other expenses were incurred on account.

All wages were paid in cash.

Other expenses were on account.

Required:

a.

Prepare a balance sheet at December 31, 2016.

Statement of Cash flows

Cash Flows from Operating Activites:
Cash flows from investing Activites:
Cash flows from financing Activites:
Cash and cash equivalents, end of period