The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. 6 Skipped Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash $16,000 Accounts Receivable 8,000 Inventory 19,200 Property and Equipment, Net 32,000 $75,200 Liabilities and Stockholders' Equity Accounts Payable $16,000 Notes Payable, Long-Term 8,000 Common Stock 32,000 Retained Earnings 19,200 $75,200 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $28,600 Cost of Goods Sold 6,600 Salaries and Wage Expense 6,600 Interest Expense 2,200 Other Expenses 1,100 Net Income $12,100 Additional data: . . . Sales were $28,600; $17,600 in cash was received from customers. Bought new land for cash, $22,000. Sold other land for its book value of $11,000. Paid $2,200 principal on the long-term note payable and $2,200 in interest. Issued new shares of stock for $22,000 cash. Cash dividends of $3,400 were declared and paid to stockholders. Paid $12,700 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. 6 Complete this question by entering your answers in the tabs below. Required A Required B Skipped Prepare a balance sheet at December 31, 2018. EXTRA SURPLUS COMPANY Balance Sheet at December 31 2018 $ 0 $ 0 Required A Required B b. Prepare the statement of cash flows using the direct method. 6 Complete this question by entering your answers in the tabs below. Skipped Required A Required 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 Ended December 31, 2018 Cash Flows from Operating Activities: 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: 0 1,500 16,000 17,500 $ 00 The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized. Current Year Prior Year Skipped $116,700 144,000 108,000 206,000 (59,840 $514,860 $134,400 126,000 117,000 108,000 (31,000) $454,400 Balance Sheet Assets Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Total assets Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders' Equity: Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Depreciation expense Other expenses Net income $ 18,000 3,600 90,000 $ 21,600 1,800 108,000 164,000 239,260 $514,860 144,000 179,000 $454,400 $520,000 270,000 28,840 130,000 $ 91,160 Other information from the company's records includes the following: Bought equipment for cash, $98,000. Paid $18,000 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $30,900 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($22,790) and interest expense ($5,400) were paid in full at the end of both years and are included in Other Expenses. b. Prepare the statement of cash flows using the direct method. 6 Complete this question by entering your answers in the tabs below. Skipped Required A Required 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 Ended December 31, 2018 Cash Flows from Operating Activities: 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: 0 1,500 16,000 17,500 $ Condensed financial data of Monopoly Corporation appear below: A cash dividend was declared and paid in full to stockholders during the year. Required: Solve for the missing numbers. Skipped Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Cash Flow Stmt Solve for the missing numbers. MONOPOLY CORPORATION Comparative Balance Sheet December 31 Current Year Prior Year Assets Cash $ 36,530 $ 23,800 Accounts receivable 31,700 Inventories 69,700 Prepaid rent 2,170 1,700 Property, plant, and equipment 219,500 197,000 Accumulated depreciation (53,200) (38,500) Total assets $ 328,600 $ 285,400 Liabilities and Stockholders' Equity Accounts payable $ 37,400 $ 33,700 Accrued Liabilities 10,000 11,700 Notes payable (long-term) 128,500 147,000 Contributed capital 47,000 23,500 Retained earnings 105,700 69,500 Total liabilities and stockholders' equity $ 328,600 $ 285,400 Balance Sheet Income Stmt> 1 Condensed financial data of Monopoly Corporation appear below: A cash dividend was declared and paid in full to stockholders during the year. Required: Solve for the missing numbers. Skipped Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Cash Flow Stmt Solve for the missing numbers. MONOPOLY CORPORATION Income Statement Year Ended December 31 Sales $ 465,500 $ 287,000 Expenses Cost of goods sold Selling, general and administrative expenses Depreciation expense 92,500 Interest expense 8,700 Income taxes 419,600 45,900 Net income $