At December 31 Assets Cash Accounts receivable, net Inventory MONTGOMERY INCORPORATED Comparative Balance Sheets Current Year Prior Year $ 56,900 14,100 126,400 197,400 70,000 (31,700) $ 57,100 17,300 100,000 174,400 59,200 (21,200) Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Common stock, no par value Total current liabilities Equity Retained earnings Total liabilities and equity MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold $ 235,700 $ 33,700 600 34,300 170,000 31,400 $ 235,700 $ 211 800 $ 36,200 800 37,000 157,400 17,400 $ 211,800 Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income $ 61,500 (25,500) 36,000 7,600 9,900 18,500 4,500 $ 14,000 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $12,600 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. .... Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $12,600 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. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities MONTGOMERY, INCORPORATED Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Adjustments to reconcile net income to net cash used in operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Cash balance at beginning of year Cash balance at end of year + $ $ 0 $ 0 $ 0 $ 0 < Prev 18 of 40 Next >