Mosaic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $45,000 $21,000 Accounts receivable 76,000 84,000 Inventory Prepaid insurance 55,000 8,000 16,000 15,000 Total current assets $184,000 $136,000 Land Equipment Less: Accumulated depreciation $110,000 $119,000 79,000 53,000 (14,000) (9,000) $359,000 $299,000 Total assets Liabilities Current liabilities: $25,000 $34,000 33,000 24,000 Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities 18,000 11,000 17,000 8,000 $87,000 $83,000 100,000 90,000 Notes payable (long-term) Total liabilities $187,000 $173,000 Stockholders' equity Common stock $151,000 $122,000 21,000 4,000 Retained earnings Total stockholders' equity $172,000 $126,000 Total liabilities and equity $359,000 $299,000 i Transactions The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: E: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc.: (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2017. a. Land was sold for 55,800. 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 $30,000. f. Cash dividends paid during the year were $13,000. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Print Done Adjustments to reconcile net income to cash basis: Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All