The comparative balance sheet for Coastal Travel Services, Inc., for December 31, 2023 and 2022, is as follows:

The following information is taken from the records of Coastal Travel Services, Inc.:a. Land was sold for $9,200.b. Equipment was purchased for cash.c. There were no disposals of equipment during the year.d. The common stock was issued for cash.e. Net income for 2023 was $32,000.f. Cash dividends paid during the year were $8,000. Coastal Travel Services, Inc., uses the indirect method for preparing the statement of cash flows. Prepare the operating section of the statement of cash flows for 2023.

Transcribed Image Text:

1 2 3 4 5 Current assets: 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 11 12 Land 13 Equipment 14 Less: Accumulated depreciation 15 Total assets 16 17 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Total current liabilities 24 25 Notes payable (long term) 26 Total liabilities 27 A 28 29 Common stock 30 Retained earnings 31 Total stockholders' equity 32 33 Total liabilities and equity 34 Coastal Travel Services, Inc. Comparative Balance Sheets December 31, 2023 and 2022 Assets Liabilities Stockholders' equity $ S IS S $ IS 2023 44,000 $ 80,000 61,000 8,000 193,000 $ 108,000 $ 80,000 (16,000) 365,000 $ 30,000 $ 35,000 16,000 11,000 92,000 $ 100,000 192,000 $ 136,000 $ 37,000 173,000 $ 365,000 $ 2022 17,000 85,000 20,000 16,000 138,000 121,000 58,000 (11,000) 306,000 36,000 27,000 15,000 8,000 86,000 91,000 177,000 116,000 13,000 129,000 306,000