## Answers

Working Note Calculation of Ending balances 1) Accounts Receivable Beginning Balance $8,500 Add : Sales $31,200 Less: Collection ($19,200) Ending Balance $20,500 4) Cash Beginning Balance Add: Cash received Less: Land Purchased Add: Land Sold Less : Longterm debt paid Less : Interest paid Add : Shares issued Less : Dividend Paid Less: Paid to Suppliers Less : Salaries Ending Balance 2) Inventory Beginning Balance Add: Purchases Less: COGS Ending Balance $17,000 $19,200 ($24,000) $12,000 ($2,400) ($2,400) $24,000 ($3,800) ($13,900) ($7,200) $18,500 $20,400 $0 ($7,200) $13,200 3) Accounts Payable Beginning Balance Add : Other Exp Less : Cash paid Ending Balance $17,000 $1,200 ($13,900) $4,300

EXTRA SURPLUS COMPANY Balance Sheet at December 31, 2018 Particulars Amount Assets Cash $18,500 Accounts Receivable $20,500 Inventory $13,200 Property and Equipment Net ($34,000+ $24,000 - $12,000) | $46,000 Total Assets $98,200 Liabilities and Stockholders Equity Accounts Payable Notes Payable, Long Term ($8,500 - $2,400) Common Stock ($34,000 + $24,000) Retained Earnings ($20,400 + $13,200 - $3,800) Total Liabilities and Stockholders Equity $4,300 $6,100 $58,000 $29,800 $98,200

EXTRA SURPLUS COMPANY Statement of Cash Flow at December 31, 2018 Amount Particulars Cash Flow From Operating Activities Cash Collected from Customer Cash Paid to Supplier Cash Paid to Employees Cash paid for Interest on Loan Net cash used in Operating Activities (A) $19,200 ($13,900) ($7,200) ($2,400) ($4,300) Cash Flow From Investing Activities Purchase of land Sale of Land Net cash used in Investing Activities (B) ($24,000) ($12,000) ($12,000) Cash Flow From Financing Activities Issue of Common Stock Payment of Long term debt Payment of Dividend Net cash flow from Financing Activities (C) $24,000 ($2,400) ($3,800) $17,800 Net Increase in cash during the year (A+B+C) Add : Beginning Cash Balance Ending Cash Balance $1,500 $17,000 $18,500

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