Additional Information

No dividends are declared or paid in 2018. Issued additional stock for $8,600 cash in 2018. Purchased equipment for cash in 2018; no equipment was sold in 2018.

1. Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2018, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)

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QS 16-19 Indirect: Preparing statement of cash flows LO P1, MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 $ 34,500 10,000 89,600 134,100 49,600 (22,400 $161,300 $ 34,900 12,400 71,700 119,000 42,400 (15,600 $145,800 Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Selaries payable Total current liabilities Equity Common stock, no par Value Retained earnings Total liabilities and equity $ 23,800 400 24,200 $ 25,900 500 26,40e 108,500 117100 20.000 $161,300 $145,00 MONTGOMERY INC Income Statement Total liabilities and equity 3161,300 $145, MONTGOMERY INC. Income Statement For Year Ended December 31, 2018 Sales $ 39,609 Cost of goods sold (16,400) Gross profit 23,200 Operating expenses Depreciation expense $ 6,800 Other expenses 4,900 Total operating expense 11,780 Income before taxes 11,500 Income tax expense 2,400 Net income $ 9, 100 Additional Information a. No dividends are declared or paid in 2018 b. Issued additional stock for $8,600 cash in 2018. Praceleciment facin 2019 monte 1. Use the above financial statements and additional information to prepare a statement of cash flows for 2018, using the indirect method (Amounts to be deducted should be indicated by a minus sian 12.5 points MONTGOMERY, INC. Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Net Income Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Book References Changes in current operating assets and liabilities Cashours from investing activities Search the web and Windows