ch 12 12-12no dividends are declared or paid issues additional stock for 15,100$purchased equipment for cash no equipment was sold provide statement of cash flows (indirect method) for current year ended in december 31

Current Year Prior Year Assets Cash $ 58, 600 $ 59, 000 Accounts receivable, net 17, 300 21, 200 Inventory 155, 100 122, 500 Total current assets 231, 000 202, 700 Equipment 85, 900 72, 500 Accum. depreciation-Equipment (38, 900) (26, 800) Total assets $278, 000 $248, 400 Liabilities and Equity Accounts payable $ 41, 400 $ 44, 500 Salaries payable 800 1, 000 Total current liabilities 42, 200 45, 500 Equity Common stock, no par value 196, 200 181, 100 Retained earnings 39, 600 21, BOO Total liabilities and equity $278, 000 $248, 400 MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales $ 76, 600 Cost of goods sold (31, 800) Gross profit 44, 800 Operating expenses Depreciation expense $12, 100 Other expenses 9, 300 Total operating expense 21, 400 Income before taxes 23, 400 Income tax expense 5, 600 Net income $ 17. 800 Prev 1 of 1 Ne