The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for...
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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 12,000 Cash Accounts Receivable 6,000 Inventory 14,400 24,000 Property and Equipment, Net 56,400 Liabilities and Stockholders' Equity 12,000 Accounts Payable Notes Payable, Long-Term 6,000 Common Stock 24,000 Retained Earnings 14,400 56,400 Extra Surplus Company Income Statement For the Year Ended December 31, 2016 Sales 18,200 Cost of Goods Sold 4,200 Salaries and Wage Expense 4,200 Interest Expense 1,400 Other Expenses 700 7,700 Net Income Additional data Sales were $18,200; $11,200 in cash was received from customers. Bought new land for cash, $14,000. Sold other land for its book value of $7,000. Paid $1,400 principal on the long-term note payable and $1,400 in interest. issued new shares of stock for$14,000 cash. Cash dividends of $1,800 were declared and paid to stockholders. Paid $7,900 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
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