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B 1 N A B Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 3 stio 4 2016 5 Current assets: 6 Cash $ 45,000 $ 20,000 was pmerl e we comi ncom individ 7 Accounts receivable 8 Inventory 75,000 83,000 62,000 18,000 11,000 17,000 $ 193,000 $ 138,000 9 Prepaid insurance 10 Total current assets 11 12 Land 13 Equipment 14 Less: Accumulated depreciation $ 109,000 $ 115,000 81,000 60,000 (15,000) (8,000) $ 368,000 $ 305,000 15 Total assets 16 Print Done Inc., for 2017 - Transactions a. Land was sold for $2,700. 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 $30,000. f. Cash dividends paid during the year were $12,000. Print Done k Check Answer 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. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Majestic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: 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. Statement of Cash FlowsOperating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Choose from 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, Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in Majestic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: The comparative balance sheet for Majestic Travel Services, Inc., for December 31, 2017 and 2016, is as follow- (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. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 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 Answer. Inc. ces, Inc., for 2017 - > Transactions et a. Land was sold for $2,700. 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 $30,000. f. Cash dividends paid during the year were $12,000. Print Done click Check Answer Sheet B 1 1 Majestic Travel Services, Inc. N Comparative Balance Sheets 3 December 31, 2017 and 2016 4 Assets 2017 2016 5 Current assets: 6 Cash $ 45,000 $ 20,000 75,000 83,000 7 Accounts receivable 62,000 18,000 8 Inventory 9 Prepaid insurance 11,000 17,000 10 Total current assets $ 193,000 $ 138,000 11 12 Land 13 Equipment 14 Less: Accumulated depreciation $ 109,000 $ 115,000 81,000 60,000 (15,000) (8,000) 15 Total assets $ 368,000 $ 305,000 Two,oo 13 Toral assets 16 17 Liabilities 18 Current liabilities: $ 26,000 $ 33,000 19 Accounts payable 20 Wages payable 29,000 19,000 14,000 21 Interest payable 22 Income taxes payable 13,000 9,000 12,000 23 Total current liabilities $ 81,000 $ 74,000 24 90,000 84,000 25 Notes payable (long-term) 26 Total liabilities $ 171,000 $ 158,000 27 28 Stockholders' equity 29 Common stock $ 154,000 $ 122,000 43,000 25,000 $ 197,000 $ 147,000 30 Retained earnings 31 Total stockholders' equity Sheet 17 Liaomes 18 Current liabilities: 19 Accounts payable $ 26,000$ 33,000 29,000 19,000 14,000 13,000 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Total current liabilities 12,000 9,000 $ 81,000 $ 74,000 24 25 Notes payable (long-term) 90,000 84,000 26 Total liabilities $ 171,000 $ 158,000 27 28 Stockholders' equity 29 Common stock 30 Retained earnings 31 Total stockholders' equity $ 154,000 $ 122,000 43,000 25,000 $ 197,000 $ 147,000 32 33 Total liabilities and equity $ 368,000 $ 305,000
