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:
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 particle of mass m whose total energy is twice its rest energy collides with an identical particle at rest. If they stick together, what is the mass of the resulting composite particle? What is its...
-
in the past, the mean running time for a certain type of flashlight battery has been 9.8hours. The manufacturer has introduced a change in the production method and wants to perform a hypothesis test...
-
Why is bus service popular among leisure tourists? LO.1
-
Grass King manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and contribution margin per unit are as follows. Grass King has fixed costs of $4,600,000. Instructions Compute the...
-
Madison Corner writes 2 5 checks a day for an average amount of $ 4 7 7 each. These checks generally clear the bank 3 . 5 days after they are written. In addition, the firm generally receives 6 2...
-
The government is contemplating two policy instruments to boost the economy: (a) increase government spending and (b) provide tax rebates. Which instrument should the government adopt? Use the...
-
QUESTION: 1 Discuss Local Government and Administration of Tanzania
-
Discuss how Central Governments Exercise Control over Local Governments by Citing Examples
-
Find derivative of sin x,cos a,tan x,secx,csca, cot a
-
Find anti derivative of cos x,sin x,sec r,sec r tan r,csc xcotx,csc r
-
Find derivative of arcsin x
-
New York state is considering two policies to help housing affordability for low income families with incomes less than $30,000. The first policy would provide a lump sum of $6000 to spend only on...
-
Characteristics of MACS design: ethical issues During data collection for the transition from an old management accounting system to a new activity- based cost management system, you see a manager's...
-
Designing a balanced scorecard Consider the manager of a store in a fast- food restaurant chain. Construct a balanced scorecard to evaluate that man ager's performance. LO1
-
Evaluating system performance Suppose that you are the manager of a pro duction facility in a business that makes plastic items that organizations use for advertising. The customer chooses the color...
Study smarter with the SolutionInn App