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Problem #2 - Cash flow statement template on next page) MONTGOMERYING Comparative Balance Sheets A December 31 Assets Cash $ 30,400 $30550 Accounts receivable 10.00 12.150 Inventory 90,100 70,150 Totalcats 130.560 112.50 Equipment 49.900 Accum. direction- 02.500 (15.300 Totalsts $157950 $129.050 Liabilities and Equity Accounts payable $ 23.900 $ 25.400 Solaris payable 500 600 Total current is 24 100 26,000 Equity Common stock, no par value 110.000 100,000 Retained earnings 23.550 13.050 Total abilities and equity $157950 5139.050 MONTGOMERY INC. Income Statement For Current Year Ended December 31 $45,575 118.950 26,625 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense... Other expenses Total operating expenses Income before taxes Income tax expense. Net Income $7,200 5.550 12,750 13,875 3,375 $10.500 Additional Information on Current-Year Transactions 2. No dividends are declared or paid. b. Issued additional stock for $10,000 cash. c. Purchased equipment for cash, no equipment was sold, N Use the information to prepare a statement of cash flows for the current year using the indirect methods 10,500 $ 10,500 Cash flow from activities: Starting balance Adjustments to reconcile net income to NCF from operations: Adjustment for depreciation $7.200 Adjustment for A/R Adjustment for Inventory Adjustment for Adjustment for Total adjustments Net cash flow from activities $ $ $ $ $ Cash flow from Purchase of activities: $ $ Net cash flows from activities $ activities: $ activities Cash flow from Sale of stock Net cash flows from Net change in Cash Add: Beginning cash balance Equals: Ending cash balance $ $ 30,550 $ 30,400 Problem #3 Ratios are categorized based on what they measure. Below are the three general categories we studied in class. Identify the category by placing a 1, 2, or 3 with each ratio. 1. Liquidity and efficiency 2. Solvency 3. Profitability Inventory turnover Debt-to-assets ratio 3 Return on equity Payout ratio Price earnings ratio Accounts receivable turnover Acid-test ratio Times interest earned Profit margin ratio Return on assets Using the balance sheet and income statement from Problem #2, calculate the following ratios for the current year and provide an explanation of what each ratio measures. Return on stockholders' equity (NI/Average equity) . Current ratio (Current assets/Current Liabilities)