Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative balance sheet for Mosaic Travel Services, Inc, for December 31, 2021 and 2020, is as follows: (Click the icon to view the comparative

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The comparative balance sheet for Mosaic Travel Services, Inc, for December 31, 2021 and 2020, is as follows: (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 viow the transaction data.) Mosaic Travel Services, Inc., uses the indirect method for preparing the statement of cash flows. Ptepare the operating section of the statement of cash flows for 2021. (Use parentheses or a minus sign for numbers to be subtracted or net cash outfow.) Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2021 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities \begin{tabular}{|l|l|r|r|} \hline 19 & Accounts payable & $25,000 & $34,000 \\ \hline 20 & Wages payable & 28,000 & 20,000 \\ \hline 21 & Interest payable & 14,000 & 12,000 \\ \hline 22 & Income taxes payable & 12,000 & 9,000 \\ \hline 23 & Total current liabilities & $79,000 & $75,000 \\ \hline 24 & & & \\ \hline 25 & Notes payable (long-term) & 97,000 & 88,000 \\ \hline 26 & Total liabilities & $176,000 & $163,000 \\ \hline 27 & & & \\ \hline 28 & & & \\ \hline 29 & Common stock & $136,000 & $115,000 \\ \hline 30 & Retained earnings & 41,000 & 8,000 \\ \hline 31 & Total stockholders' equity & $177,000 & $123,000 \\ \hline 32 & & & \\ \hline 33 & Total liabilities and equity & $353,000 & $286,000 \\ \hline \end{tabular} the icon to view the comparative balance sheet.) ing information is taken from the records of Mosaic Travel Services, Inc.: the icon to view the transaction data.) ravel Services. Inc. uses the indirect method for preparing the statement of cash flows. Prepare the Transactions a. Land was sold for $9,800. b. Equipment was purchased for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. Net income for 2021 was $37,000. f. Cash dividends paid during the year were $4,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Implementing Standardized Work Training And Auditing

Authors: Alain Patchong

1st Edition

146656363X, 978-1466563636

More Books

Students also viewed these Accounting questions