3 1:09:02 bok Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total...

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3 1:09:02 bok Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Total current liabilities. Equity Share capital, no par value Retained earnings Total liabilities and equity MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses MONTGOMERY INC. Comparative Balance Sheets December 31 Depreciation expense Other expenses Total operating expense - Profit before tax. Income tax expense Net profit $ 0,100 6,450 $53,225 (19,850) 33,375 14,550 18,025 8,055 $ 10,770 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional shares for $10,000 cash c. Purchased equipment for cash; no equipment was sold Current Year $ 32,200 11,850 92,260 136,310 142,420 (24,300) $254,430 $25,700 860 32,440 200,000 27,870 $254,430 Prior Year $ 32,440 14,310 71,950 118,700 133,300 (17,100) $234,900 $ 27,560 1,140 32,200 190,000 16,200 $234,900 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) < Prev 3 of 7 Next > 3 1:09:02 bok Assets Cash Accounts receivable, net Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Salaries payable Total current liabilities. Equity Share capital, no par value Retained earnings Total liabilities and equity MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses MONTGOMERY INC. Comparative Balance Sheets December 31 Depreciation expense Other expenses Total operating expense - Profit before tax. Income tax expense Net profit $ 0,100 6,450 $53,225 (19,850) 33,375 14,550 18,025 8,055 $ 10,770 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional shares for $10,000 cash c. Purchased equipment for cash; no equipment was sold Current Year $ 32,200 11,850 92,260 136,310 142,420 (24,300) $254,430 $25,700 860 32,440 200,000 27,870 $254,430 Prior Year $ 32,440 14,310 71,950 118,700 133,300 (17,100) $234,900 $ 27,560 1,140 32,200 190,000 16,200 $234,900 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) < Prev 3 of 7 Next >

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Calculations for the Statement of Cash Flows Indirect Method Operating Activities Net Profit 10770 A... View the full answer