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MONTGOMERY INCORPORATED Comparative Balance Sheets At December 31 Current Year Prior Year Assets...

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Accounting

MONTGOMERY INCORPORATED
Comparative Balance Sheets
At December 31 Current Year Prior Year
Assets
Cash $ 78,500 $ 78,600
Accounts receivable, net 16,70020,400
Inventory 149,700117,900
Total current assets 244,900216,900
Equipment 82,90069,800
Accumulated depreciationEquipment (37,500)(25,700)
Total assets $ 290,300 $ 261,000
Liabilities and Equity
Accounts payable $ 39,900 $ 42,700
Salaries payable 7001,000
Total current liabilities 40,60043,700
Equity
Common stock, no par value 210,200195,500
Retained earnings 39,50021,800
Total liabilities and equity $ 290,300 $ 261,000
MONTGOMERY INCORPORATED
Income Statement
For Current Year Ended December 31
Sales $ 76,100
Cost of goods sold (31,600)
Gross profit 44,500
Salaries expense 9,400
Depreciation expense 11,800
Income before taxes 23,300
Income tax expense 5,600
Net income $ 17,700
Additional Information on Current-Year Transactions

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