1 answer

The Extra Surplus Company's Balance Sheet for December 31, 2017 and the income Statement for 2018...

Question:

The Extra Surplus Companys Balance Sheet for December 31, 2017 and the income Statement for 2018 are shown below Extra Surpl
Additional data: Saves were $31200: $19,200 in cash was received from customers. Bought new land for cash, $24,000. sold othe
Required: a. Prepare a balance sheet at December 31, 2018 b. Prepare the statement of cash flows using the direct method. Com
EXTRA SURPLUS COMPANY Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Cash Flows f
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the income Statement for 2018 are shown below Extra Surplus company Balance Sheet December 31, 201 Assets Cash Accounts Receivable Inventory Property and Equipment, Net Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings Extra Surplus Company For the Year Ended December 11, 2018 Sales Cost of Goods Sold salaries and wage Expense Interest Expense Additional data Sales were 531200: 519.200 in cash wasceved from customers . Bought new land for cash, SA 000 • Sold other land for its book of $12.000 .Pad 52.400 principal on the long term nate payable and $2.400 in interest Sed new shares of stock for $24.000 cash - Cash dividends of $3.800 were declared and paid to stockholders • Paid $13.900 on accounts payable - No inventory purchases were made other expenses were incurred on account - wages were paid in cash - Other excenses were on account
Additional data: Saves were $31200: $19,200 in cash was received from customers. Bought new land for cash, $24,000. sold other land for its book value of $12.000. Paid $2.400 principal on the long-term note payable and $2.400 in interest. issued new shares of stock for $24,000 cash. w Cash dividends of $3,800 were declared and paid to stockholders. Paid $13.900 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 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
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 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
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 17.000 18.500

Answers

Working Note Calculation of Ending balances 1) Accounts Receivable Beginning Balance $8,500 Add : Sales $31,200 Less: Collect

EXTRA SURPLUS COMPANY Balance Sheet at December 31, 2018 Particulars Amount Assets Cash $18,500 Accounts Receivable $20,500 I

EXTRA SURPLUS COMPANY Statement of Cash Flow at December 31, 2018 Amount Particulars Cash Flow From Operating Activities Cash

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