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Score: U of 5 pts 4 of 5 (3 complete) HW Score: 42 88%, E13-13A (similar...

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Score: U of 5 pts 4 of 5 (3 complete) HW Score: 42 88%, E13-13A (similar to) Balance Sheet as follows The comparative balance
Equipment UZUUU Less: Accumulated depreciation (19,000) (12,000) 358,000 S 289,000 Total assets creases Liabilities Current l
Score: U of 5 pts 4 of 5 (3 complete) HW Score: 42 88%, E13-13A (similar to) Balance Sheet as follows The comparative balance sheet for Fair Isle Travel Services, Inc. for December 31, 2017 and 2016 (Click the icon to view the comparative balance sheet) The following information is taken from the records of Fall Isle Travel Services, Inc (Click the icon to view the transaction data.) Prepare the statement of cash flows indirect method for Follole Travel Services, Incfor 2017 Fair Isle Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 2011 Prepare the statement one section at a time (Use parentheses on a mission to be to be subtracted Fair Isle Travel Services, Inc. Statement of Cash Flows Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: 43.000 $ 11 000 1000 58.000 16 000 Adjustments to reconcile net income to cash basis Total current assets $ 185,000 $ 124.000 Transactions $ Equipment 110,000 $ 118,000 59.000 19.000) $2.0001 2.000 Less. Accumulated depreciation Total assets S 358 000 $ 289,000 a. Land was sold for $4,500. b. Equipment was purchased for cash c. There were no disposals of equipment de d. The common stock was issued for a e. Net income for 2017 was $37.000 f. Cash dividends paid during the year Liabilities $ 25,000 $ 35,000 Net cash provided by used for operatin Print Done in one Choose from any list or enter any number in the mouse click here 3 parts 3 remaining Check Answer Type here to search ote 9 A D /
Equipment UZUUU Less: Accumulated depreciation (19,000) (12,000) 358,000 S 289,000 Total assets creases Liabilities Current liabilities: $ Accounts payable Wages payable Interest payable 25,000 $ 27,000 12,000 10,000 35,000 26,000 11,000 7.000 Income taxes payable Total current liabilities 74,000 $ 79,000 Notes payable (long-term) Total liabilities 102,000 93.000 176,000 $ 172,000 $ Stockholders' equity Common stock $ Retained earnings Total stockholders' equity 149,000 $ 115,000 33,000 2,000 182,000 $ 117,000 358,000 $ 289,000 Total liabilities and equity Print Done Check Answer A 7:54 PM 00 2/19/2020

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Workings Amount $
Depreciation & Amortization Expense
Closing Balance- Accumulated Depreciation        19,000.00
Less: Opening Balance- Accumulated Depreciation        12,000.00
Depreciation & Amortization Expense          7,000.00
Loss on sale of land
Opening Balance      118,000.00
Closing Balance      110,000.00
Book value of land sold          8,000.00
Sale Value          4,500.00
Loss on sale of land          3,500.00
Decrease in Accounts Receivable
Closing Balance        76,000.00
Less: Opening Balance        79,000.00
Decrease in Accounts Receivable        (3,000.00)
Increase in Inventory
Closing Balance        58,000.00
Less: Opening Balance        16,000.00
Increase in Inventory        42,000.00
Decrease in Prepaid Insurance
Closing Balance          8,000.00
Less: Opening Balance        18,000.00
Decrease in Prepaid Insurance      (10,000.00)
Decrease in Accounts Payable
Closing Balance        25,000.00
Less: Opening Balance        35,000.00
Decrease in Accounts Payable      (10,000.00)
Increase in Wages Payable
Closing Balance        27,000.00
Less: Opening Balance        26,000.00
Increase in Wages Payable          1,000.00
Increase in Interest Payable
Closing Balance        12,000.00
Less: Opening Balance        11,000.00
Increase in Interest Payable          1,000.00
Increase in Tax Payable
Closing Balance        10,000.00
Less: Opening Balance          7,000.00
Increase in Tax Payable          3,000.00
Equipment purchased
Closing Balance        82,000.00
Less: Opening Balance        59,000.00
Equipment purchased        23,000.00
Notes Payable issued
Closing Balance      102,000.00
Less: Opening Balance        93,000.00
Notes Payable issued          9,000.00
Common stock issued during the year
Closing Balance      149,000.00
Less: Opening Balance      115,000.00
Common stock issued during the year        34,000.00
Fair Isle Travel
Cashflow statement Amount $ Amount $
Particulars
Net Income       37,000.00
Adjustment to reconcile Net Income to Net Cash
Add:
Depreciation & Amortization Expense         7,000.00
Loss on sale of land         3,500.00
Cash flow from Operations       47,500.00
Changes in Current Assets/Current Liabilities
Decrease in Accounts Receivable            3,000.00
Increase in Inventory        (42,000.00)
Decrease in Prepaid Insurance          10,000.00
Decrease in Accounts Payable        (10,000.00)
Increase in Wages Payable            1,000.00
Increase in Interest Payable            1,000.00
Increase in Tax Payable            3,000.00     (34,000.00)
Net cash provided by operating activities       13,500.00
Cash flow from investing activities
Equipment purchased        (23,000.00)
Land sold            4,500.00
Net cash used for investing activities     (18,500.00)
Cash flow from financing activities
Notes Payable issued            9,000.00
Common stock issued during the year          34,000.00
Dividends paid          (6,000.00)
Net cash provided by (Used for) financing activities       37,000.00
Net Increase/(Decrease) in cash       32,000.00
Cash Balance, beginning       11,000.00
Cash Balance, ending       43,000.00
.

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