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Balance Sheet Seaway Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ 41,000 $ 79,000 16,000 84,000 Accounts receivable Inventory 62,000 8,000 22,000 10,000 Prepaid insurance Total current assets $ 190,000 $ 132,000 Land $ Equipment 100,000 $ 120,000 85,000 55,000 (14,000) (8,000) Less: Accumulated depreciation $ 361,000 $ 299,000 Total assets 1 Balance Sheet Liabilities Current liabilities: $ Accounts payable Wages payable Interest payable 29,000 $ 30,000 17,000 9,000 39,000 28,000 16,000 7,000 Income taxes payable Total current liabilities $ 85,000 $ 90,000 Notes payable (long-term) 94,000 86,000 Total liabilities $ 179,000 $ 176,000 Stockholders' equity Common stock $ Retained earnings 152,000 $ 118,000 30,000 5,000 182,000 $ 123,000 Total stockholders' equity $ Print Done Stockholders' equity Common stock Retained earnings $ 152,000 $ 118,000 30,000 5,000 $ 182,000 $ 123,000 Total stockholders' equity $ 361,000 $ 299,000 Total liabilities and equity 1 Transactions a. Land was sold for $16,600. 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 2017 was $37,000. f. Cash dividends paid during the year were $12,000. The comparative balance sheet for Seaway 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 Seaway Travel Services, Inc.: (Click the icon to view the transaction data.) Seaway 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. net cash outflow.) Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check