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Prior Year MONGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation Equipment (44,300 Total assets $311,400 Liabilities and Equity Accounts payable $ 47, 100 Salaries payable 1,000 Total current liabilities 48, 100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,400 $ 60, 800 23,900 138,000 221,900 81,600 (30, 100) $273,400 15 $ 50,000 1,200 51,200 196,100 26, 100 $273,400 MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales $ 90, 980 Cost of goods sold (37,800) Gross profit 53, 100 Operating expenses Depreciation expense $14,280 Other expenses 11,182 Total operating expense 25,388 Income before taxes 27,880 Income tax expense 6,700 Net income $ 21,180 Additional Information on Current-Year Transactions Help MONTGOMERY, INC. Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Cash flows from operating activities Net income $ 90.900 Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Depreciation expense 14,200 Changes in current operating assets and liabilities 4 100 (39.500) (2.900) (200) $ 66,600 Cash flows from investing activities S 0 Cash flows from financing activities 0 $ $ 66,600 Cash balance at beginning of year Cash balance at end of year S 66,600