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 $ 38,200 1e,see 96,880 145,see 53,6e0 (24,200) S 38,700 13.400 77,5ee 129,600 45,see (16,980) $158,500 $175, 200 Total assets Liabilities and Equity ACCOunts payable Salaries payable Total current liabilities Equity Common stock, no par value Retained earnings $ 28,1e0 5ee 25,7ee 46e 28,600 26,100 119,0ee 1e,9ee 129,3ee 19,see $175, 200 $158,see Total liabilities and equity MONTGOMERY INC. Income Statement For Year Ended December 31, 2018 $ 40,300 (16,70e) 23,6ee Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expense Income before taxes Income tax expense $ 7,380 5,eee 12,38e 11,3ee 2,400. $ S,90e Net income Addltionel Informetion a. No dividends are declared or paid in 2018. b. Issued additional stock for $10,300 cash in 2018. c. Purchased equipment for cash In 2018: no equipment was sold in 2018. ent for cash in 2018. no equipment was sold in 2018 1Use the above financial statements and additional information to prepare a statement of cash flows for the vear ended Decembern 2018, using the indirect method. (Amounts to be deducted should be Indicated by a minus sign.) MONTGOMERY, INC. Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Changes in current operating assets and liabilities Cash flows from investing activities 0 Cash flows from financing activities Cash balance at beginning of year Cash balance at end of year
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