Open Page Pickens Mountal My Apps Classroom Question 2 Ch 12... 2 Homework Saved Help Save & Exit Submit Check my work MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash $ 54,100 $ 54,200 Accounts receivable, net 13,400 16,400 Salaries payable Book Print rences Inventory Total current assets. Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Total current liabilities Equity Common stock, no par value Retained earnings 120,100 94,800 187,600 165,400 66,500 56,100 (30,100) (20,700) $224,000 $ 200,800 $ 32,000 $34,400 600 800 32,600 35,200 159,800 31,600 148, 200 17,400 Total liabilities and equity $ 224,000 $ 200,800 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold $ 60,900 (25,300) Gross profit 35,600 Salaries expense 7,500 Depreciation expense 9,400 Income before taxes 18,700 Income tax expense 4,500 $14,200 Net income Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $11,600 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. (Amounts to be deducted should be indicated by a minus sign.)