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MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 30,400 $...
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year 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 $...
Use the following information to prepa owing information to prepare a statement of cash flows for...
Use the following information to prepa owing information to prepare a statement of cash flows for the current year using the indirect method, Exercise 12-12 Indirect: Preparing statement of cash flows P2 P3 MONTGOMERY INC. Comparative Balance Sheets Current Year Prior Year MONTGOMERY INC. Income Statement For Current Year Ended December 31 $45,575 (18,950) 26,625 At December 31 Assets Cash. Accounts receivable, net .. Inventory Total current assets Equipment Accum. depreciation-Equipment... Total assets.. Liabilities and Equity Accounts payable........ Salaries payable...
why is that wrong ?? Check my work mode : This shows what is correct or...
why is that wrong ??
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not in 2,100 Increase in accounts receivable Changes in current operating assets and liabilities Increase in inventory Decrease in accounts payable Decrease in salaries payable (19,950) (1,500) (100) $ (1.750) Cash flows from investing activities Cash paid for equipment (8,400) $ (8,400) Cash flows from financing activities Cash received from stock issuance 10,000...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts receivable, net 10,300 Inventory 92,400 Total current assets 133,700 Equipment 51,200 Accum. depreciation-Equipment (23, 100) Total assets $161,800 Liabilities and Equity Accounts payable $ 24,600 Salaries payable 500 Total current liabilities 25,100 Equity Common stock, no par value 112,800 Retained earnings 23,900 Total liabilities and equity $161,800 $ 31,200 12,600 72,800 116,600 43, 100 (16,000) $143,700 $ 26,600 600 27,200 103,400 13,100 $ 143,700...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts receivable, net 10,600 Inventory 95, 100 Total current assets 138,000 Equipment 52,700 Accum. depreciation-Equipment (23,880) Total assets $166,990 Liabilities and Equity Accounts payable $ 25,300 Salaries payable 500 Total current liabilities 25,800 Equity Common stock, no par value 117,300 Retained earnings 23,800 Total liabilities and equity $166,960 $ 32,400 13,000 75,1ee 120,500 44,500 16,580) $ 148,500 $ 27,400 600 28,000 107,400 13,160 $148,500 MONTGOMERY...
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 34,500 $...
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
Please give correct answers Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $...
Please give correct answers
Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,1ee Accounts receivable, net 19, see Inventory 177,500 Total current assets 257, 4ee Equipment 98, 3ee Accum. depreciation-Equipment (44,380) Total assets $311,480 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1.ee Total current liabilities 48, 100 Equity Common stock, no par value 216, 120 Retained earnings 47. 209 Total liabilities and equity $311, 4ee $ 60, eee 23,9ee 138, eee 221,9e 81,6ee (30,...
Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ,...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
Use the following information to prepa owing information to prepare a statement of cash flows for the current year using the indirect method, Exercise 12-12 Indirect: Preparing statement of cash flows P2 P3 MONTGOMERY INC. Comparative Balance Sheets Current Year Prior Year MONTGOMERY INC. Income Statement For Current Year Ended December 31 $45,575 (18,950) 26,625 At December 31 Assets Cash. Accounts receivable, net .. Inventory Total current assets Equipment Accum. depreciation-Equipment... Total assets.. Liabilities and Equity Accounts payable........ Salaries payable...
why is that wrong ??
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not in 2,100 Increase in accounts receivable Changes in current operating assets and liabilities Increase in inventory Decrease in accounts payable Decrease in salaries payable (19,950) (1,500) (100) $ (1.750) Cash flows from investing activities Cash paid for equipment (8,400) $ (8,400) Cash flows from financing activities Cash received from stock issuance 10,000...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts receivable, net 10,300 Inventory 92,400 Total current assets 133,700 Equipment 51,200 Accum. depreciation-Equipment (23, 100) Total assets $161,800 Liabilities and Equity Accounts payable $ 24,600 Salaries payable 500 Total current liabilities 25,100 Equity Common stock, no par value 112,800 Retained earnings 23,900 Total liabilities and equity $161,800 $ 31,200 12,600 72,800 116,600 43, 100 (16,000) $143,700 $ 26,600 600 27,200 103,400 13,100 $ 143,700...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts receivable, net 10,600 Inventory 95, 100 Total current assets 138,000 Equipment 52,700 Accum. depreciation-Equipment (23,880) Total assets $166,990 Liabilities and Equity Accounts payable $ 25,300 Salaries payable 500 Total current liabilities 25,800 Equity Common stock, no par value 117,300 Retained earnings 23,800 Total liabilities and equity $166,960 $ 32,400 13,000 75,1ee 120,500 44,500 16,580) $ 148,500 $ 27,400 600 28,000 107,400 13,160 $148,500 MONTGOMERY...
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
Please give correct answers
Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,1ee Accounts receivable, net 19, see Inventory 177,500 Total current assets 257, 4ee Equipment 98, 3ee Accum. depreciation-Equipment (44,380) Total assets $311,480 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1.ee Total current liabilities 48, 100 Equity Common stock, no par value 216, 120 Retained earnings 47. 209 Total liabilities and equity $311, 4ee $ 60, eee 23,9ee 138, eee 221,9e 81,6ee (30,...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
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