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Problem 1: Wild Willy's Nautical Adventures comparative balance sheets at December 31, 2017 and 2016 are presented below 2016 Chane $14,000 28,000 (4,000) Cash Accounts
Problem 1: Wild Willy's Nautical Adventures comparative balance sheets at December 31, 2017 and 2016 are presented below 2016 Chane $14,000 28,000 (4,000) Cash Accounts Receivable Inventory Prepaid Expenses Land Dock and Buildings Accumulated Depr- Dock/Build Equipment Accumulated Depr- Equip Total Assets 85,000 80,000 26,000 55,000 18,000 144,000 15,000 25,000 8,000 (34,000) 110,000 300,000 (93,000) (80,000) 210,000 (13,000) 54,000 264,000 (63.000 50000) (13.000) 5723.000 $695.000 Liabilities and Equity (25,000) Accounts Payable Notes Payable Bonds Payable Common Stock Retained Earnings 10,000 35,000 300,000 120,000 193,000 190,000 350,000 70,000 (S0,000) 50,000 Total Liabilities and Equity S723.000 $695,000 28.000 Additional Information: 1. Bonds were converted at face value by issuing 50,000 shares of $1 par value common stock 2. Operating Expenses include depreciation expense of $48,000. 3. Net Income for 2017 was $15,000. 4. Equipment was purchased for $38,000 cash and a note payable. In addition, equipment costing $34,000 with a book value of $12,000 was sold for $9,000 cash. 5. Cash dividends of $12,000 were declared and paid. 6. Land was sold for cash at a $5,000 loss structions: repare a statement of cash flows for the year ended December 31, 2017, using the indirect method
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