The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2021 and 2020, is...

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The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2021 and 2020, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc.: i (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2021. Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2021 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. Balance Sheet 1 2 3 4. Current assets: Cash A Mosaic Travel Services, Inc. Comparative Balance Sheets December 31, 2021 and 2020 Assets 5 6 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 11 12 Land 13 Equipment 14 Less: Accumulated depreciation 15 Total assets 16 17 Total current assets Liabilities Print Done B 2021 Question Help C 2020 - $ 42,000 $15,000 75,000 84,000 60,000 17,000 9,000 14,000 $ 186,000 $ 130,000 $ 107,000 $ 116,000 77,000 56,000 (18,000) (13,000) $352,000 $289,000 X Balance Sheet 16 17 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable Liabilities Total current liabilities 24 25 Notes payable (long-term) 26 Total liabilities 27 28 29 Common stock 30 Retained earnings 31 Total stockholders' equity 32 33 Total liabilities and equity Stockholders' equity Print Done Question Help $ 23,000 $32,000 34,000 19,000 17,000 16,000 10,000 8,000 84,000 75,000 $ 96,000 87,000 $180,000 $ 162,000 $ 142,000 $122,000 30,000 5,000 $ 172,000 $ 127,000 $352,000 $ 289,000 i Transactions a. Land was sold for $5,500. 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 2021 was $35,000. f. Cash dividends paid during the year were $10,000. Print Done x J▬▬▬▬▬▬▬▬▬▬▬▬ U▬▬▬▬▬▬▬▬▬▬▬ The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2021 and 2020, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc.: i (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2021. Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2021 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. Balance Sheet 1 2 3 4. Current assets: Cash A Mosaic Travel Services, Inc. Comparative Balance Sheets December 31, 2021 and 2020 Assets 5 6 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 11 12 Land 13 Equipment 14 Less: Accumulated depreciation 15 Total assets 16 17 Total current assets Liabilities Print Done B 2021 Question Help C 2020 - $ 42,000 $15,000 75,000 84,000 60,000 17,000 9,000 14,000 $ 186,000 $ 130,000 $ 107,000 $ 116,000 77,000 56,000 (18,000) (13,000) $352,000 $289,000 X Balance Sheet 16 17 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable Liabilities Total current liabilities 24 25 Notes payable (long-term) 26 Total liabilities 27 28 29 Common stock 30 Retained earnings 31 Total stockholders' equity 32 33 Total liabilities and equity Stockholders' equity Print Done Question Help $ 23,000 $32,000 34,000 19,000 17,000 16,000 10,000 8,000 84,000 75,000 $ 96,000 87,000 $180,000 $ 162,000 $ 142,000 $122,000 30,000 5,000 $ 172,000 $ 127,000 $352,000 $ 289,000 i Transactions a. Land was sold for $5,500. 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 2021 was $35,000. f. Cash dividends paid during the year were $10,000. Print Done x J▬▬▬▬▬▬▬▬▬▬▬▬ U▬▬▬▬▬▬▬▬▬▬▬ The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2021 and 2020, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc.: i (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2021. Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2021 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. Balance Sheet 1 2 3 4. Current assets: Cash A Mosaic Travel Services, Inc. Comparative Balance Sheets December 31, 2021 and 2020 Assets 5 6 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 11 12 Land 13 Equipment 14 Less: Accumulated depreciation 15 Total assets 16 17 Total current assets Liabilities Print Done B 2021 Question Help C 2020 - $ 42,000 $15,000 75,000 84,000 60,000 17,000 9,000 14,000 $ 186,000 $ 130,000 $ 107,000 $ 116,000 77,000 56,000 (18,000) (13,000) $352,000 $289,000 X Balance Sheet 16 17 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable Liabilities Total current liabilities 24 25 Notes payable (long-term) 26 Total liabilities 27 28 29 Common stock 30 Retained earnings 31 Total stockholders' equity 32 33 Total liabilities and equity Stockholders' equity Print Done Question Help $ 23,000 $32,000 34,000 19,000 17,000 16,000 10,000 8,000 84,000 75,000 $ 96,000 87,000 $180,000 $ 162,000 $ 142,000 $122,000 30,000 5,000 $ 172,000 $ 127,000 $352,000 $ 289,000 i Transactions a. Land was sold for $5,500. 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 2021 was $35,000. f. Cash dividends paid during the year were $10,000. Print Done x J▬▬▬▬▬▬▬▬▬▬▬▬ U▬▬▬▬▬▬▬▬▬▬▬ The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2021 and 2020, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc.: i (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2021. Mosaic Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2021 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. Balance Sheet 1 2 3 4. Current assets: Cash A Mosaic Travel Services, Inc. Comparative Balance Sheets December 31, 2021 and 2020 Assets 5 6 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 11 12 Land 13 Equipment 14 Less: Accumulated depreciation 15 Total assets 16 17 Total current assets Liabilities Print Done B 2021 Question Help C 2020 - $ 42,000 $15,000 75,000 84,000 60,000 17,000 9,000 14,000 $ 186,000 $ 130,000 $ 107,000 $ 116,000 77,000 56,000 (18,000) (13,000) $352,000 $289,000 X Balance Sheet 16 17 18 Current liabilities: 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable Liabilities Total current liabilities 24 25 Notes payable (long-term) 26 Total liabilities 27 28 29 Common stock 30 Retained earnings 31 Total stockholders' equity 32 33 Total liabilities and equity Stockholders' equity Print Done Question Help $ 23,000 $32,000 34,000 19,000 17,000 16,000 10,000 8,000 84,000 75,000 $ 96,000 87,000 $180,000 $ 162,000 $ 142,000 $122,000 30,000 5,000 $ 172,000 $ 127,000 $352,000 $ 289,000 i Transactions a. Land was sold for $5,500. 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 2021 was $35,000. f. Cash dividends paid during the year were $10,000. Print Done x J▬▬▬▬▬▬▬▬▬▬▬▬ U▬▬▬▬▬▬▬▬▬▬▬

Answer rating: 100% (QA)

Answer Cashflows from Operating activities Net Income 35000 Adjustment required for ... View the full answer