Use the  information to prepare a statement of cash flows for the current year using the indirect method
  

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At December 31 Assets Cash MONTGOMERY INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Total current assets Equipment Accumulated 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 INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense $ 40,300 (16,700) 23,600 5 , ᎾᎾᎾ ann Current Year $ 38,200 10,800 96,800 145,800 53,600 (24,200) $ 175,200 $ 25,700 400 26,100 129,300 19,800 $ 175,200 Prior Year $ 38,700 13,400 77,500 129,600 45,800 (16,900) $ 158,500 $ 28,100 500 28,600 119,000 10,900 $ 158,500 At December 31 Assets Cash MONTGOMERY INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Total current assets Equipment Accumulated 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 INCORPORATED Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Salaries expense $ 40,300 (16,700) 23,600 5 , ᎾᎾᎾ ann Current Year $ 38,200 10,800 96,800 145,800 53,600 (24,200) $ 175,200 $ 25,700 400 26,100 129,300 19,800 $ 175,200 Prior Year $ 38,700 13,400 77,500 129,600 45,800 (16,900) $ 158,500 $ 28,100 500 28,600 119,000 10,900 $ 158,500

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Cash Flow Statement It calculates cash flow by adjusting net income with differences from noncash tr... View the full answer