Prepare a statement for 2016 as well

Homework: Extra Credit: Cash Flow Statement Save Score: 0 of 10 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 10 pts E13-13A (similar to) i Balance Sheet The comparative balance sheet for Majestic 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 Majestic Travel Services, Inc.: (Click the icon to view the transaction data.) Prepare the statement of cash flows (Indirect method) for Majestic Travel Services, Inc., for 2017. Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Current assets: Cash $ Accounts receivable Majestic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Net income Adjustments to reconcile net income to cash basis: 41,000 $ 78.000 63,000 11,000 18,000 81,000 21,000 13,000 Inventory Prepaid insurance Total current assets $ 193,000 $ 133,000 Land $ Equipment 103,000 $ 115,000 82,000 59,000 (18,000) (13,000) 360,000 $ 294,000 Less: Accumulated depreciation $ Total assets Choose from any list or enter any number in the input fields and then click Check Answer. Print Done 1 Balance Sheet Liabilities Current liabilities: $ Accounts payable Wages payable Interest payable 27,000 $ 33,000 17,000 10,000 32,000 28,000 16,000 7,000 Income taxes payable Total current liabilities $ 87,000 $ 83,000 96,000 88,000 Notes payable (long-term) Total liabilities $ 183,000 $ 171,000 Stockholders' equity Common stock $ 142,000 $ 121,000 35,000 2,000 Retained earnings Total stockholders' equity $ 177,000 $ 123,000 Print Done Stockholders' equity Common stock Retained earnings $ 142,000 $ 121,000 35,000 2,000 $ 177,000 $ 123,000 Total stockholders' equity $ 360,000 $ 294,000 Total liabilities and equity Decrease in interest payable Decrease in inventory Decrease in prepaid insurance Decrease in wages payable - Depreciation expense Dividends paid Increase in accounts payable Increase in accounts receivable Increase in income taxes payable Increase in interest payable Increase in inventory Increase in prepaid insurance Increase in wages payable Issuance of stock for cash Loss on sale of land Net income Proceeds from issuance of long term notes Proceeds from the sale of land Cash used to purchase equipment Decrease in accounts payable - Decrease in accounts receivable Decrease in income taxes payable Decrease in interest payable