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[solution]: MONTGOMERY INC. Comparative Balance Sheets December 31, 2016 and


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MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2016 and 2015
 
    2016       2015  
  Assets              
  Cash $ 30,400     $ 30,550  
  Accounts receivable, net     10,050       12,150  
  Inventory   90,100       70,150  
     
  Total current assets   130,550       112,850  
  Equipment   49,900       41,500  
  Accum. depreciation?Equipment   (22,500 )     (15,300 )
   
  Total assets $ 157,950     $ 139,050  
   
  Liabilities and Equity              
  Accounts payable $ 23,900     $ 25,400  
  Salaries payable   500       600  
   
  Total current liabilities   24,400       26,000  
  Equity              
  Common stock, no par value   110,000       100,000  
  Retained earnings   23,550       13,050  
   
  Total liabilities and equity $ 157,950     $ 139,050  
   

 

MONTGOMERY INC.
Income Statement
For Year Ended December 31, 2016
 
 
  Sales     $ 45,575  
  Cost of goods sold       (18,950 )
     
  Gross profit       26,625  
  Operating expenses          
    Depreciation expense $ 7,200        
    Other expenses   5,550        
       
  Total operating expense       12,750  
     
  Income before taxes       13,875  
  Income tax expense       3,375  
     
  Net income     $ 10,500  
     

 

Additional Information
a. No dividends are declared or paid in 2016.
b. Issued additional stock for $10,000 cash in 2016.
c. Purchased equipment for cash in 2016; no equipment was sold in 2016.

 

1.

Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2016, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)

 


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