Coastal Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets Transactions - X Cash $ 44,000 $ 17,000 Accounts receivable 80,000 85,000 Inventory 61,000 a. Land was sold for $9,200. 20,000 b. Equipment was purchased for cash. Prepaid insurance 8,000 16,000 c. There were no disposals of equipment during the year. Total current assets $ 193,000 $ 138,000 d. The common stock was issued for cash. e. Net income for 2017 was $32,000. Cash dividends paid during the year were $8,000. Land $ 108,000 $ 121,000 Equipment 80,000 58,000 Print Done Less: Accumulated depreciation (16,000) (11,000) Total assets 365,000 $ 306,000 Liabilities Current liabilities Accounts payable 30,000 $ 36,000 Wages payable 35,000 27.000 Interest payable 16,000 15,000 Income taxes payable 11.000 8,000 Total current liabilities $ 92,000 $ 86,000 Print DoneHomework: Chapter 13 Homework Score: 0 of 20 pts E13-13A (book/static) The comparative balance sheet for Coastal Travel Services, Inc., for December 31, 2017 and 2016, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Coastal Travel Services, Inc.: i (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Coastal Travel Services, Inc., for 2017. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Coastal Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Net income 32000 Adjustments to reconcile net income to cash basis Depreciation expense Decrease in accounts receivable Decrease in inventory ncrease in prepaid insurance Decrease in accounts payable Increase in interest payable Increase in wages payable Increase in income taxes payable Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check