Extra Surplus Company
Balance Sheet
December 31, 2015
Assets
Cash	$	10,000
Accounts Receivable		5,000
Inventory		12,000
Property and Equipment, Net		20,000
	$	47,000
Liabilities and Stockholders Equity
Accounts Payable	$	10,000
Notes Payable, Long-Term		5,000
Common Stock		12,000
Retained Earnings		20,000
	$	47,000

Extra Surplus Company
Income Statement
For the Year Ended December 31, 2016
Sales	$	13,000
Cost of Goods Sold		3,000
Salaries and Wage Expense		3,000
Interest Expense		1,000
Other Expenses		500
Net Income	$	5,500

Additional data:

Sales were $13,000; $8,000 in cash was received from customers.

Bought new land for cash, $10,000.

Sold other land for its book value of $5,000.

Paid $1,000 principal on the long-term note payable and $1,000 in interest.

Issued new shares of stock for $10,000 cash.

Cash dividends of $1,000 were declared and paid to stockholders.

Paid $5,500 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.

In place of, "other expenses", each blank should be filled in with one of the following terms: Accounts Payable, Accounts Receivable, Cash, Common Stock, Cost of Goods Sold, Interest Expense, Inventory, Notes Payable - Long Term, Other Expenses, Property & Equipment, Retained Earnings, Sales, Wage Expense

Underneath of, "Cash Flows From Operating Activites," each blank should be filled in with one of the following terms: Cash Collected From Customers, Cash Paid for Interest, Cash Paid to Emplyees, Cash Paid to Suppliers of Inventory, Payment of Cash Dividends, Payments on Long-Term Debt, Proceeds From Issuing Common Stock, Proceeds From Sale of Land, Purchase of Land