Eastern Travel Services, Inc.

Comparative Balance Sheets

December 31, 2017 and 2016

Assets

2017

2016

Current assets:

Cash

$45,000

$20,000

Accounts receivable

77,000

81,000

Inventory

60,000

19,000

Prepaid insurance

13,000

17,000

Total current assets

$195,000

$137,000

Land

$105,000

$120,000

Equipment

84,000

53,000

Less: Accumulated depreciation

(21,000)

(16,000)

Total assets

$363,000

$294,000

Liabilities

Current liabilities:

Accounts payable

$29,000

$38,000

Wages payable

28,000

22,000

Interest payable

17,000

16,000

Income taxes payable

13,000

10,000

Total current liabilities

$87,000

$86,000

Notes payable (long-term)

93,000

87,000

Total liabilities

$180,000

$173,000

Stockholders' equity

Common stock

$152,000

$120,000

Retained earnings

31,000

1,000

Total stockholders' equity

$183,000

$121,000

Total liabilities and equity

$363,000

$294,000

The comparative balance sheet for

EasternEastern

Travel Services, Inc., for December 31,

20172017

and

20162016,

is as follows:

LOADING...

(Click the icon to view the comparative balance sheet.) The following information is taken from the records of

EasternEastern

Travel Services, Inc.:

LOADING...

(Click the icon to view the transaction data.)Prepare the statement of cash flows (indirect method) for

EasternEastern

Travel Services, Inc., for

20172017.

Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.)

	Eastern 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:
		BALANCED SHEET
	Balance sheet
	Net cash provided by (used for) operating activities

a.	Land was sold for $ 11 comma 000$11,000.
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 20172017 was $ 37 comma 000$37,000.
f.	Cash dividends paid during the year were $ 7 comma 000$7,000. TRANSACTION DATA

a.

Land was sold for

$ 11 comma 000$11,000.

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

20172017

was

$ 37 comma 000$37,000.

f.

Cash dividends paid during the year were

$ 7 comma 000$7,000.