Monty Inc. Statement of Financial Position May 31, 2020, and May 31, 2019 2020 2019 Assets Cash $ 59,200 $23,100 Accounts receivable 77,000 55,400 Inventory 188,100 199,000 Prepaid insurance 8,700 6,800 Total current assets 333,000 284,300 Plant assets 581,000 512,000 Less: Accumulated depreciation 145,300 120,300 Net plant assets 435,700 391,700 Total assets $768,700 $676,000 Liabilities and Shareholders' Equity Accounts payable $122,000 $114,200 Salaries and wages payable 11,200 12,900 Interest payable 5,100 2,500 Total current liabilities 138,300 129,600 Mortgage payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $768,700 $676,000 83,000 100,000 221,300 229,600 405,000 370,000 142,400 76,400 547,400 446,400 Monty Inc. Income Statement For the Year Ended May 31, 2020 Sales $960,000 Cost of goods sold 422,000 Gross margin 538,000 Expenses Salaries and wages expense 208,900 Other operating expenses 121,600 Depreciation expense 25,000 Total operating expenses 355,500 Operating income 182,500 Interest expense 26,100 Income before income tax 156,400 Income tax expense 55,400 Net earnings $101,000

Monty Inc. Statement of Financial Position May 31, 2020, and May 31, 2019 2020 2019 Assets Cash $ 59,200 $23,100 Accounts receivable 77,000 55,400 Inventory 188,100 199,000 Prepaid insurance 8,700 6,800 Total current assets 333,000 284,300 Plant assets 581,000 512,000 Less: Accumulated depreciation 145,300 120,300 Net plant assets 435,700 391,700 Total assets $768,700 $676,000 Liabilities and Shareholders' Equity Accounts payable $122,000 $114,200 Salaries and wages payable 11,200 12,900 Interest payable 5,100 2,500 Total current liabilities 138,300 129,600 Mortgage payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $768,700 $676,000 83,000 100,000 221,300 229,600 405,000 370,000 142,400 76,400 547,400 446,400 Monty Inc. Income Statement For the Year Ended May 31, 2020 Sales $960,000 Cost of goods sold 422,000 Gross margin 538,000 Expenses Salaries and wages expense 208,900 Other operating expenses 121,600 Depreciation expense 25,000 Total operating expenses 355,500 Operating income 182,500 Interest expense 26,100 Income before income tax 156,400 Income tax expense 55,400 Net earnings $101,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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