Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 30,400 Accounts receivable, net 10,850 Inventory 90, 100 Total current assets 139,550 Equipment 49,980 Accum. depreciation-Equipment (22,500) Total assets $157,950 Liabilities and Equity Accounts payable $ 23,900 Salaries payable 500 Total current liabilities 24.400 Equity Common stock, no par value 110,000 Retained earnings 23,550 Total liabilities and equity $157,95 $ 30,550 12,150 79,150 112,850 41,500 (15,300) $139,050 nces $ 25,400 600 26,000 100,000 13,050 $139,50 MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales $ 45,575 Cost of goods sold (18,950) Gross profit 26,625 Operating expenses x x