Question: Please help correct fields in red as well as any missing entries. Thanks! QS 12-19 Indirect: Preparing statement of cash flows LO P1, P2, P3


Please help correct fields in red as well as any missing entries. Thanks!
QS 12-19 Indirect: Preparing statement of cash flows LO P1, P2, P3 MONTGOMERY INC Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 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 Common stock, no par value 210,000 192,000 Retained earnings Total liabilities and equity $293,300 $261,300 63,500 $ 63,900 18,100 22,100 162,300 127,700 243, 900 213,700 75, 600 89,900 (40,500 (28,000) $293, 300 261,300 $ 43,100 46, 500 1,000 47,500 800 43, 900 39,400 21,800 MONTGOMERY INC Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses $ 77,200 (32,100) 45,100 Depreciation $12,500 9, 400 expen3e Other expenses Total operating expense Income before taxes Income tax expense Net income 21,900 23,200 5, 600 $17,600 Addltlonal Information a. No dividends are declared or paid in 2018 b. Issued additional stock for $18,000 cash in 2018 c. Purchased equipment for cash in 2018; no equipment was sold in 2018 1. Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2018, using the indirect method. (Amounts to be deductedl should be Indlcated by a minus sign.)
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