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MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets Cash $ 53, 800 $ 53,900 Accounts receivable, net 13, 400 16, 400 Inventory 120, 100 94, 800 Total current assets 187 , 300 165, 100 Equipment 66, 500 56, 100 Accumulated depreciation-Equipment (30, 100) (20, 700) Total assets $ 223, 700 $ 200,500 Liabilities and Equity Accounts payable $ 32,000 $ 34, 400 Salaries payable 600 800 Total current liabilities 32,600 35,200 Equity Common stock, no par value 159 , 400 147,900 Retained earnings 31, 700 17,400 Total liabilities and equity $ 223, 700 $ 200,500 MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales $ 60,900 Cost of goods sold (25,300) Gross profit 35, 600 Salaries expense 7, 400 Depreciation expense 9, 400 Income before taxes 18, 800 Income tax expense 4,500 Net income $ 14, 300 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $11,500 cash. c. Purchased equipment for cash; no equipment was sold.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 Cash balance at beginning of year