i Balance Sheet Cash $ Accounts receivable Inventory Prepaid insurance Total current assets 42,000 $ 11,000 75,000 82,000 55,000 21,000 12,000 14,000 $ 184,000 $ 128,000 Land Equipment $ 109,000 $ 119,000 78,000 57,000 (15,000) (10,000) Less: Accumulated depreciation $ 356,000 $ 294,000 Total assets Liabilities Current liabilities: Accounts payable Wages payable $ 30,000 $ 33,000 37,000 28,000 Print Done . Balance Sheet - $ TUTTET NAMES. Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities 30,000 $ 33,000 37,000 28,000 19,000 18,000 7,000 4,000 $ 93,000 $ 83,000 93,000 85,000 Notes payable (long-term) Total liabilities $ 186,000 $ 168,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity $ 37,00 $ 121,000 33,000 5,000 $ 170,000 $ 126,000 $ 356.000 $ 294,000 (Click the icon to view the transaction data.) Majestic 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 2017. (Use parentheses or a minus sign for numbers to be subtracted or net cash outflow.) Operating Activities: Net income $ 41,000 Adjustments to reconcile net income to cash basis: Depreciation expense Loss on sale of land 15000 Decrease in accounts receivable Increase in inventory Decrease in prepaid insurance Increase in wages payable Decrease in accounts 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 Answer. ci Transactions X a. Land was sold for $6,400. b. Equipment was purchased for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. Net income for 2017 was $41,000. f. Cash dividends paid during the year were $13,000. e. Print Done