MONTGOMERY INCORPORATED

Comparative Balance Sheets

At December Current Year Prior Year

Assets

Cash $ $

Accounts receivable, net

Inventory

Total current assets

Equipment

Accumulated depreciationEquipment

Total assets $ $

Liabilities and Equity

Accounts payable $ $

Salaries payable

Total current liabilities

Equity

Common stock, no par value

Retained earnings

Total liabilities and equity $ $

MONTGOMERY INCORPORATED

Income Statement

For Current Year Ended December

Sales $

Cost of goods sold

Gross profit

Salaries expense

Depreciation expense

Income before taxes

Income tax expense

Net income $

Additional Information on CurrentYear Transactions

No dividends are declared or paid.

Issued additional stock for $ cash.

Purchased equipment for cash; no equipment was sold.

Use the above information to prepare a statement of cash flows for the current year using the indirect method.