Seaway Travel Services, Inc.
Comparative Balance Sheets
December 31, 2014 and 2013
Assets		2014	2013
Current assets:
Cash		$44,000	$13,000
Accounts receivable		82,000	84,000
Inventory		60,000	19,000
Prepaid insurance		12,000	16,000
Total current assets		$198,000	$132,000
Land		$101,000	$119,000
Equipment		77,000	57,000
Less: Accumulated depreciation		(13,000)	(8,000)
Total assets		$363,000	$300,000
Liabilities
Current liabilities:
Accounts payable		$27,000	$30,000
Wages payable		33,000	20,000
Interest payable		16,000	15,000
Income taxes payable		7,000	4,000
Total current liabilities		$83,000	$69,000
Notes payable (long-term)		102,000	92,000
Total liabilities		$185,000	$161,000
Stockholders' equity
Common stock		$129,000	$116,000
Retained earnings		49,000	23,000
Total stockholders' equity		$178,000	$139,000
Total liabilities and equity		$363,000	$300,000

----------------------------------------------

a.	Land was sold for $15,000.
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 2014 was $37,000.
f.	Cash dividends paid during the year were $11,000. ----------------------------

	Seaway Travel Services, Inc.
	Statement of Cash FlowsOperating Activities Section (Indirect Method)
	For the Year Ended December 31, 2014
	Operating Activities:
	Net income
	Adjustments to reconcile net income to cash basis
	Proceeds on sale of land
	Cash from issuing common stock
	Decrease in accounts receivable
	Increase in inventory
	Loss on sale of land
	Decrease in accounts receivable
	Increase in wages payable
	Increase in income taxes payable
	Increase in interest payable
	Net cash provided by (used for) operating activities