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	$	18,000
Accounts Receivable		9,000
Inventory		21,600
Property and Equipment, Net		36,000
	$	84,600
Liabilities and Stockholders Equity
Accounts Payable	$	18,000
Notes Payable, Long-Term		9,000
Common Stock		36,000
Retained Earnings		21,600
	$	84,600

Extra Surplus Company
Income Statement
For the Year Ended December 31, 2016
Sales	$	33,800
Cost of Goods Sold		7,800
Salaries and Wage Expense		7,800
Interest Expense		2,600
Other Expenses		1,300
Net Income	$	14,300

Additional data:

Sales were $33,800; $20,800 in cash was received from customers.

Bought new land for cash, $26,000.

Sold other land for its book value of $13,000.

Paid $2,600 principal on the long-term note payable and $2,600 in interest.

Issued new shares of stock for $26,000 cash.

Cash dividends of $4,200 were declared and paid to stockholders.

Paid $15,100 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.

EXTRA SURPLUS COMPANY
Balance Sheet at December 31
	2016	2015
Cash
Accounts Receivable
Inventory
Property and Equipment
Accounts Payable
Notes Payable, Long-Term
Common Stock
Retained Earnings

b.	Prepare the statement of cash flows using the direct method. (Enter any deductions and cash outflows as a negative value.)

EXTRA SURPLUS COMPANY
Statement of Cash Flows
Year End December 31, 2016
Cash Flows from Operating Activities:
Cash collected from customers
Cash paid to suppliers of inventory
Cash paid to employees
Cash paid for interest
Net cash provided by operating activities
Cash Flows from Investing Activities:
Purchase of land
Proceeds from sale of land
Net cash provided by investing activities
Cash Flows from Financing Activities:
Proceeds from issuing common stock
Payments on long-term debt
Payment of cash dividends
Net cash provided by financing activities
Cash and cash equivalents, end of period

*I tried to already fill in the lables for the statements but they could be wrong