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 $ 39,600 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income (16,400) 23,200 4,900 6,800 11,500 2,400 $ 9,100 Current Year Prior Year $ 34,500 10,000 89,600 134,100 49,600 (22,400) $ 161,300 $ 23,800 400 24,200 117,100 20,000 $ 161,300 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $8,600 cash. c. Purchased equipment for cash; no equipment was sold. $ 34,900 12,400 71,700 119,000 42,400 (15,600) $ 145,800 $ 25,900 500 26,400 108,500 10,900 $ 145,800.

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 $ 39,600 Sales Cost of goods sold Gross profit Salaries expense Depreciation expense Income before taxes Income tax expense Net income (16,400) 23,200 4,900 6,800 11,500 2,400 $ 9,100 Current Year Prior Year $ 34,500 10,000 89,600 134,100 49,600 (22,400) $ 161,300 $ 23,800 400 24,200 117,100 20,000 $ 161,300 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $8,600 cash. c. Purchased equipment for cash; no equipment was sold. $ 34,900 12,400 71,700 119,000 42,400 (15,600) $ 145,800 $ 25,900 500 26,400 108,500 10,900 $ 145,800.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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