Cost of goods sold. . . . . . . . . . . . .	$112,000	Prepaid expenses. . . . . . . . . . .	$8,700
Direct labour. . . . . . . . . . . . . . . . . .	53,000	Marketing expense. . . . . . . . . . .	39,000
Direct materials used. . . . . . . . . . .	20,000	Work in process inventory. . . . .	49,000
Accounts receivable. . . . . . . . . . . .	85,000	Manufacturing overhead. . . . . .	31,000
Cash. . . . . . . . . . . . . . . . . . . . . . . .	21,000	Finished goods inventory. . . . . .	72,000
Cost of goods manufactured. . . . .	95,000	Raw materials inventory. . . . . .	11,000

Consider the following selected amounts and account balances of

Monarchs:

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Show how this company reports current assets on the balance sheet. Not all the data are used. Is

Monarchs

a service company, a merchandiser, or a manufacturer? How do you know?

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Part 1

Show how

Monarchs

reports current assets on the balance sheet.

Monarchs
Balance Sheet (Partial)
Current assets:
Accounts receivable		85000
Prepaid expenses		8700
Inventories:
Work in process inventory	49000
Finished goods inventory	72000
Raw materials inventory	11000
Total inventories		132000
Cash		21000
Total current assets		246700

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