MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash Accounts receivable,...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66580c20056be_30366580c200069d.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66580c204a755_30466580c2045412.jpg)
Transcribed Image Text:
MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable 66,500 (30,100) $ 223,700 Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings $ 32,000 600 32,600 $ 53,800 13,400 120,100 187,300 $ 53,900 16,400 94,800 165,100 56,100 (20,700) $ 200,500 $ 34,400 800 35,200 159,400 147,900 31,700 17,400 Total liabilities and equity $ 223,700 $ 200,500 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income $ 60,900 (25,300) 35,600 7,400 9,400 18,800 4,500 $ 14,300 MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable 66,500 (30,100) $ 223,700 Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings $ 32,000 600 32,600 $ 53,800 13,400 120,100 187,300 $ 53,900 16,400 94,800 165,100 56,100 (20,700) $ 200,500 $ 34,400 800 35,200 159,400 147,900 31,700 17,400 Total liabilities and equity $ 223,700 $ 200,500 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income $ 60,900 (25,300) 35,600 7,400 9,400 18,800 4,500 $ 14,300
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A neutral pion of (rest) mass m and (relativistic) momentum p = 3/4mc decays into two photons. One of the photons is emitted in the same direction as the original pion, and the other in the opposite...
-
Complete the information in parts A-F for the function f(a) = -3x(a + 2)2(x - 1)2. A. Degree The degree of the function is (Enter a number.) You can check your answer 3 more times before the question...
-
Cl2.? Are unrealized gains and losses on financial assets persistent or transitory income?
-
On February 1, 2011, Charo Mendez purchased 6% bonds issued by CR Utilities at a cost of $30,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2011,...
-
Question 5 13 pts Xiong Company sells its product for $65. The product has a variable cost of $25 and the company's annual fixed costs are $250,000. Calculate the number of products that must be sold...
-
Complete the table below that differentiates the use of Islamic banks Housing Financing Car Finance Business Finance Dubai Islamic Bank Murabaha or Ijarah Murabaha or Ijarah Meezan Bank (Pakistan)...
-
Root cause analysis with fish bone diagram and Forecast analysis for the case study "Agarwal Automobiles: Fuel station forecasting and inventory management" with peer reviewed journal references.
-
Suppose that MPI_COMM WORLD consists of the eight processes 0, 1, 2, 3, 4, 5, 6, and 7, and suppose the following code is executed: int sum = my_sum; int iLevel = 0; MPI Status status; for (int...
-
Measuring and monitoring It is the SMT's view that the reduction in accident frequency rate alone clearly indicates that the slips and trips campaign was a success discuss possible limitations of...
-
Identify some of the repercussions of high staff turnover at Eswatini Electricity Company ( EEC ) , especially on critical and skilled employees occupying key positions. Further, differentiate...
-
1. Make sure your report server is setup correctly. 2. Deploy all 10 reports and Shared Data Source. 3. Take a snapshot of each report (Parameters Visible) and paste them in 1 MS Word Document. The...
-
What is direct democracy? What are the pros and cons of direct democracy?
-
Identify the major features of a just-in-time production system
-
Describe three different versions of backflush costing. EXERCISES
-
Differentiate materials requirements planning (MRP) systems from just-in-time (JIT) systems for manufacturing
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App