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Save Score: 0 of 1 pt 1 of 7 (1 complete) nw score: 1429%, 1 of 7 pts E13-12A (similar to) Question Hep The comparative balance sheet for Majestic Travel Services, Inc, for December 31,2017 and 2016,is as olow EEBClick the loon to view the comparotive balance sheet) ollowing informatsion is taken from the records of Majestic Travel Services, Inc (Click the lcon to view the transaction data ) Majestic Teavel outtlow) Services, Inc., uses the indirect method for preparing the statement of cash fows Prepare the Majestie Travel Services, Inc. Flows-Operating Activities Section (Ondirect Method) For the Year Ended December 31, 2017 Operating Activities: is to reconcle net inoome to cash basis Net cash ed byedfor)open g acoveies Flow Statement 1 of 7 (1 complete) jestic Travel Services, Inc., for Dec ative balance sheet.) the records of Majestic Travel Sen tion data.) e indirect method for preparing the Balance Sheet Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 ajestic Travel Services, Inc. s-Operating Activities Section (In eYear Ended December 31, 2017 Current assets: Cash Accounts receivable nventory Prepaid insurance $ 42,000 S 15,000 82,000 87,000 55,000 23,000 8,000 14,000 $ 187,000S 139,000 me to cash basis: Total current assels $ 103,000 $ 120,000 84,000 60,000 (21,000) (14.000) $ 353,000 $ 305,000 Land Equipment Total assets Liabilities Current liabilities: Accounts payable Wages payable Interest payable $ 27,000 $ 30,000 33,000 24,000 13,000 12,000 or) operating activities Print Done r any number in the input fiolds and then Clear All Services, Inc. the statement of cash flows. Prepare the operating section of the statement of cash flows for 2017.(Use parenthese n (Indirect Method) 17 Transactions a. Land was sold for $13,400 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 $34,000. f. Cash dividends paid during the year were $9,000 Print Done s and then click Check Answer. Clear All ! F8 F9 FS F6 F7 F4 anagerial Accounting-Fall 2018-9 AM Section lomework: Cash Flow Statement ore: 0 of 1 pt 13-12A (similar to he eomnarativn halance shaat for Maieetic Traval Senvines Inc, for December 31, 2017 and 2016, is as fol Cash used to purchase equipment E Decrease in accounts payable o Decrease in income taxes payable Travel Services, Inc. Decrease in accounts receivable aring the statement of cash flows. Prepare the Decrease in interest payable Decrease in inventory IC. Decrease in prepaid insurance Decrease in wages payable Depreciation expense Dividends paid Increase in accounts payable Increase in accounts receivable Increase in income taxes payable Increase in interest payable Increase in inventory Increase in prepaid insurance Increase in wages payable Issuance of stock for cash ection (Indirect Method 1, 2017 Loss on sale of land Net income Proceeds from issuance of long term notes Proceeds from the sale of land Net cash provided by (used for) operating activities Save Score: 0 of 1 pt 1 of 7 (1 complete) nw score: 1429%, 1 of 7 pts E13-12A (similar to) Question Hep The comparative balance sheet for Majestic Travel Services, Inc, for December 31,2017 and 2016,is as olow EEBClick the loon to view the comparotive balance sheet) ollowing informatsion is taken from the records of Majestic Travel Services, Inc (Click the lcon to view the transaction data ) Majestic Teavel outtlow) Services, Inc., uses the indirect method for preparing the statement of cash fows Prepare the Majestie Travel Services, Inc. Flows-Operating Activities Section (Ondirect Method) For the Year Ended December 31, 2017 Operating Activities: is to reconcle net inoome to cash basis Net cash ed byedfor)open g acoveies Flow Statement 1 of 7 (1 complete) jestic Travel Services, Inc., for Dec ative balance sheet.) the records of Majestic Travel Sen tion data.) e indirect method for preparing the Balance Sheet Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 ajestic Travel Services, Inc. s-Operating Activities Section (In eYear Ended December 31, 2017 Current assets: Cash Accounts receivable nventory Prepaid insurance $ 42,000 S 15,000 82,000 87,000 55,000 23,000 8,000 14,000 $ 187,000S 139,000 me to cash basis: Total current assels $ 103,000 $ 120,000 84,000 60,000 (21,000) (14.000) $ 353,000 $ 305,000 Land Equipment Total assets Liabilities Current liabilities: Accounts payable Wages payable Interest payable $ 27,000 $ 30,000 33,000 24,000 13,000 12,000 or) operating activities Print Done r any number in the input fiolds and then Clear All Services, Inc. the statement of cash flows. Prepare the operating section of the statement of cash flows for 2017.(Use parenthese n (Indirect Method) 17 Transactions a. Land was sold for $13,400 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 $34,000. f. Cash dividends paid during the year were $9,000 Print Done s and then click Check Answer. Clear All ! F8 F9 FS F6 F7 F4 anagerial Accounting-Fall 2018-9 AM Section lomework: Cash Flow Statement ore: 0 of 1 pt 13-12A (similar to he eomnarativn halance shaat for Maieetic Traval Senvines Inc, for December 31, 2017 and 2016, is as fol Cash used to purchase equipment E Decrease in accounts payable o Decrease in income taxes payable Travel Services, Inc. Decrease in accounts receivable aring the statement of cash flows. Prepare the Decrease in interest payable Decrease in inventory IC. Decrease in prepaid insurance Decrease in wages payable Depreciation expense Dividends paid Increase in accounts payable Increase in accounts receivable Increase in income taxes payable Increase in interest payable Increase in inventory Increase in prepaid insurance Increase in wages payable Issuance of stock for cash ection (Indirect Method 1, 2017 Loss on sale of land Net income Proceeds from issuance of long term notes Proceeds from the sale of land Net cash provided by (used for) operating activities