The comparative balance sheet for Dream Big Travel Services, Inc., for December 31, 2017 and 2016,...

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The comparative balance sheet for Dream Big 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 Dream Big Travel Services, Inc.: Click the icon to view the transaction data) Prepare the statement of cash flows (indirect method) for Dream Big Travel Services, Inc., for 2017. Balance Sheet Dream Big Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets Land Equipment Less: Accumulated depreciation Total assets Print $ 2017 42,000 $ 21,000 77,000 79,000 62,000 17,000 11,000 12,000 $ 192,000 $ 129,000 Done 2016 $ 106,000 $ 114,000 85,000 53,000 (13,000) (8,000) $ 370,000 $288,000 ♥ Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders equity $ $ 27,000 $ 37.000 37.000 19,000 11,000 10,000 8,000 5,000 83,000 $ 71,000 96.000 88,000 $ 179,000 $ 159.000 $ 147,000 $ 119,000 44.000 10.000 $ 191.000 $ 129,000 4 1 Balance Sheet Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 27,000 $ 37,000 37,000 19,000 11,000 10,000 8,000 5,000 83,000 $ 71,000 $ 96,000 88,000 $ 179,000 $ 159,000 $ 147,000 $ 119,000 44,000 10,000 $ 191,000 $ 129,000 $ 370,000 $ 288,000 X a. Land was sold for $4,900. 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 $41,000. f. Cash dividends paid during the year were $7,000. The comparative balance sheet for Dream Big 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 Dream Big Travel Services, Inc.: Click the icon to view the transaction data) Prepare the statement of cash flows (indirect method) for Dream Big Travel Services, Inc., for 2017. Balance Sheet Dream Big Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets Land Equipment Less: Accumulated depreciation Total assets Print $ 2017 42,000 $ 21,000 77,000 79,000 62,000 17,000 11,000 12,000 $ 192,000 $ 129,000 Done 2016 $ 106,000 $ 114,000 85,000 53,000 (13,000) (8,000) $ 370,000 $288,000 ♥ Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders equity $ $ 27,000 $ 37.000 37.000 19,000 11,000 10,000 8,000 5,000 83,000 $ 71,000 96.000 88,000 $ 179,000 $ 159.000 $ 147,000 $ 119,000 44.000 10.000 $ 191.000 $ 129,000 4 1 Balance Sheet Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 27,000 $ 37,000 37,000 19,000 11,000 10,000 8,000 5,000 83,000 $ 71,000 $ 96,000 88,000 $ 179,000 $ 159,000 $ 147,000 $ 119,000 44,000 10,000 $ 191,000 $ 129,000 $ 370,000 $ 288,000 X a. Land was sold for $4,900. 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 $41,000. f. Cash dividends paid during the year were $7,000.

Answer rating: 100% (QA)

Dream Big Travel Services Inc Statement of Cash Flows Indirect Method For the Year Ended December 31 ... View the full answer