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Proctoring Enabled: 2140 EXAM 3 Saved 7 MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash $ 33,208 33,460 Accounts receivable, net 12, 108 14,780 Inventory 108, 580 84,900 01:43:00 Total current assets 153, 860 133, Gee Equipment 60, 109 50, 200 Accumulated depreciation-Equipment (27, 180) (18, 500) Total assets $ 186, 800 $ 164, 700 Liabilities and Equity Accounts payable $ 28, 800 $ 30, 700 Salaries payable 600 700 Total current liabilities 29, 400 31, 400 Equity Common stock, no par value 130, 000 118, 100 Retained earnings 27, 400 15, 200 Total liabilities and equity $ 186, 800 $ 164, 700 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales $ 53, 500 Cost of goods sold (22, 200) Gross profit 31, 300 Salaries expense 6, 600 Depreciation expense 8, 600 Income before taxes 16, 100 Income tax expense 3, 900 Net income $ 12, 200 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $11,900 cash. c. Purchased equipment for cash; no equipment was sold. 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Mc HillProctoring Enabled: 2140 EXAM 3 Saved Additional Information on Current-Year Transactions a. No dividends are declared or paid b. Issued additional stock for $11,900 cash. c. Purchased equipment for cash; no equipment was sold 2 01:42:55 1. Use the above information to prepare a statement of cash flows for the current year using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. MONTGOMERY, INCORPORATED Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash used in operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities + Cash flows from investing activities Cash flows from financing activities MC Graw HillProctoring Enabled: 2140 EXAM 3 Loved Hetty Save & Ed For Current Year Ended December 31 7 Cash flows from operating activities Adjustments to reconcile net income to net cash used in operating activities Income statement items not affecting cash X 01:42:50 Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Cash balance at beginning of year Cash balance at end of year Mc Graw Hill