5.00 points The Extra Surplus Company\'s Balance Sheet for December 31, 2015 and

Question

5.00 points The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for 2016 are shown beloww Extra Surplus Company Balance Sheet December 31, 2015 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 12,000 6,000 14,400 24,000 $56,400 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 12,000 6,000 24,000 14,400 $ 56,400 Extra Surplus Company Income Statement For the Year Ended December 31, 2016 Sales Cost of Goods Sold Salaries and Wage Expense Interest Expense Other Expenses $18,200 4,200 4,200 1,400 700 Net Income $ 7,700

Explanation / Answer

a.

Notes:

Commom Stock =$24000+$14000=$38000

Notes Payable=6000-1400=4600

Accounts Receivable=6000+7000=$13000

Retained Earnings=14400+7700-1800(Cash Dividend)=$20300

b.

Extra Surplus Company Amount in $ Balance Sheet at December 31st Particulars 2016 2015 Cash 13500 12000 Accounts Receivable 13000 6000 Inventory 14400 14400 Property and Equipment 31000 24000 Total 71900 56400 Accounts Payable 9000 12000 Notes Payable,Long Term 4600 6000 Common Stock 38000 24000 Retained Earnings 20300 14400 Total 71900 56400

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