Midas Corp. was founded on 12/1/2017. The initial balance sheet is as follows:

Balance sheet 12/1/207
assets	liabilities and owners equity
cash 2500	debt 0
Long term Asset 1800	stock 5200
invetory 900
total 5200	total 5200

Suppose that the following transactions occurred between 12/1/2017 and 12/31/2017:

1. Inventory purchase of $600 (paid in cash)

2. $1600 worth of credit sales (due on 1/31/2018)

3. Operating Accruals of $50

4. Depreciation of $200

5.Taxes of $100 (paid 12/20/2017)

6. Ending Inventory of 400

1. create the balance sheet for 12/31/2017?

2.What is the companys net income on 12/31/2017?

450

300

250

None of the above

3. Find the amount of cash the company paid to its suppliers from 12/1-12/31. Do not use the dollar sign when entering your answer.

4. What is the companys cash flow from operations on 12/31/2017?

-700

-950

-600

-850

5. What is the retained earnings balance on 12/31/2017?

300

350

200

150

PLEASE EXPLAIN, thank you.