Using the data given in E13-15A, prepare the statement of cash flows (indirect method)

for Coastal Travel Services, Inc., for 2023.

Data From E13-15A:-

The comparative balance sheet for Coastal Travel Services, Inc., for December 31, 2023 and 2022, is as follows:

The following information is taken from the records of Coastal Travel Services, Inc.:

a. Land was sold for \($9,200\).

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 2023 was \($32,000\).

f. Cash dividends paid during the year were \($8,000\).
Coastal Travel Services, Inc., uses the indirect method for preparing the statement of cash flows. Prepare the operating section of the statement of cash flows for 2023.

123456 Current assets: 5 6 Cash 7 8 Inventory Accounts receivable 9 Prepaid insurance Total current assets 10 11 12 Land 13 Equipment 14 Less: Accumulated depreciation Coastal Travel Services, Inc. Comparative Balance Sheets December 31, 2023 and 2022 Assets 2023 2022 S 44,000 $ 17,000 80,000 85,000 61,000 20,000 8,000 16,000 S 193,000 $ 138,000 S 108,000 $ 121,000 80,000 58,000 (16,000) (11,000) 365,000 $ 306,000 15 Total assets 16 17 Liabilities 18 Current liabilities: 19 Accounts payable S 30,000 $ 36,000 20 Wages payable 35,000 27,000 21 Interest payable 22 Income taxes payable 16,000 15,000 11,000 8,000 23 Total current liabilities 92,000 $ 86,000 24 25 Notes payable (long term) 100,000 91,000 26 Total liabilities S 192,000 $ 177,000 27 28 29 Common stock Stockholders' equity 136,000 $ 116,000 30 Retained earnings 37,000 13,000 31 Total stockholders' equity 173,000 $ 129,000 32 33 Total liabilities and equity 34 365,000 $ 306,000