Prepare a statement of cash flows for the current year using the INdirect method. Assets Cash MONTGOMERY

Prepare a statement of cash flows for the current year using the INdirect method.

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Assets Cash MONTGOMERY INC. Comparative Balance Sheets December 31 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 Retained earnings Total liabilities and equity MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expense Income before taxes Income tax expense Net income $ 8,600 6,600 Current Year $ 33,200 12, 100 108,500 153,800 60,100 (27, 100) $186,800 $ 28,800 600 29,400 130,000 27,400 $186,800 $ 53,500 (22,200) 31,300 15, 200 16,100 3,900 $ 12,200 Prior Year $ 33,400 14,700 84,900 133,000 50,200 (18,500) $164,700 $ 30,700 700 31,400 118, 100 15,200 $164,700 Assets Cash MONTGOMERY INC. Comparative Balance Sheets December 31 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 Retained earnings Total liabilities and equity MONTGOMERY INC. Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expense Income before taxes Income tax expense Net income $ 8,600 6,600 Current Year $ 33,200 12, 100 108,500 153,800 60,100 (27, 100) $186,800 $ 28,800 600 29,400 130,000 27,400 $186,800 $ 53,500 (22,200) 31,300 15, 200 16,100 3,900 $ 12,200 Prior Year $ 33,400 14,700 84,900 133,000 50,200 (18,500) $164,700 $ 30,700 700 31,400 118, 100 15,200 $164,700

Answer rating: 100% (QA)

MONTGOMERY INC Statement of Cash FlowsIndirect Method For Current Year Ended December 31 Cash Fl... View the full answer