12-12 0 Saved Helps MONTGOMERY INC Income Statement For Current Year Ended December 31 Sales $ 77,200 Cost of goods sold (32,180) Gross profit 45,100 Operating expenses Depreciation expense $12,560 Other expenses 9,480 Total operating expense 21,900 Income before taxes 23,200 Income tax expense 5,600 Net income $ 17,600 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $18,000 cash c. Purchased equipment for cash, no equipment was sold 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method (Amounts to be deducted should be indicated by a minus sign.) Prev 1 of 1 BIE Next 12-12 0 Saved Helps MONTGOMERY INC Income Statement For Current Year Ended December 31 Sales $ 77,200 Cost of goods sold (32,180) Gross profit 45,100 Operating expenses Depreciation expense $12,560 Other expenses 9,480 Total operating expense 21,900 Income before taxes 23,200 Income tax expense 5,600 Net income $ 17,600 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $18,000 cash c. Purchased equipment for cash, no equipment was sold 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method (Amounts to be deducted should be indicated by a minus sign.) Prev 1 of 1 BIE Next