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The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2 018 are shown below. Extra surplus company Balance Sheet

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The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2 018 are shown below. Extra surplus company Balance Sheet December 31, 2017 Assets Cash Accounts Receivable $14,500 7,250 17,400 29,000 Inventory Property and Equipment, Net $68,150 Liabilities and Stockholders Equity Accounts Payable Notes Payable, Long-Terrm Common Stock Retained Earninga $14,500 7,250 29,000 17.400 868,150 Extra Burplus Company Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Salaries and Wage Expense Interest Expense Other Expenses $24,700 5,700 5,700 1,900 950 Net Income $10,450 Additional data: . Sales were $24,700; $15.200 in cash was received from customers. Bought new land for cash, 19,000 Sold other land for its book value of $9,500. Paid $1,900 principal on the long-term note payable and $1,900 in interest. . Issued new shares of stock for $19,000 cash. Cash dividends of $2.800 were declared and paid to stockholders Paid $10,900 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, 2018. b. Prepare the statement of cash flows using the direct method Complete this question by dntering your answers in the tabs below. Required A Required B Prepare the statement of cash fiows using the direct method. (Enter any deductions and cash outfiows as a negative val EXTRA SURPLUS COMPANY EXTRA SURPLUS COMPANY Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Cash Flows from Investing Activities Cash Flows from Financing Activities: 1,500 14,500 16,000 a. Prepare a balance sheet at December 31, 2018 b. Prepare the statement of cash flows using the direct method. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a balance sheet at December 31, 2018. EXTRA SURPLUS COMPANY Balance Sheet at December 31 2018

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