Assets Cash MONTGOMERY INC. Comparative Balance Sheets December 31 s Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Total current liabilities Equity Common stock, no par value. Retained earnings Total liabilities and equity Current Year $ 38,200 10,800 Prior Year $ 38,700 13,400 96,800 77,500 145,800 129,600 53,600 45,800 (24,200) $175,200 $ 25,700 400 26,100 (16,900) $158,500 $ 28,100. 500 28,600 129,300 119,000 19,800 10,900 $175,200 $158,500 MONTGOMERY INC. Income Statement For Current Year Ended December 31. Sales Cost of goods sold Gross profit Operating expenses Other expenses Depreciation expense Total operating expense Income before taxes Income tax expense $ 40,300 (16,700) 23,600 $ 7,300 5,000 12,300 11,300 2,400 For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Book ferences Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Cash balance at beginning of year Cach holence at end of year Mc Graw Education $ $ 0 $ 0