Question
Please help! The pictures attached show what I have correct and what is incorrect. The following data relate to the operations of Shilow Company, a
Please help! The pictures attached show what I have correct and what is incorrect.
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: |
Current assets as of March 31: | ||||||||||||||
Cash | $ | 9,300 | ||||||||||||
Accounts receivable | $ | 27,200 | ||||||||||||
Inventory | $ | 50,400 | ||||||||||||
Building and equipment, net | $ | 102,000 | ||||||||||||
Accounts payable | $ | 30,300 | ||||||||||||
Capital stock | $ | 150,000 | ||||||||||||
Retained earnings | $ | 8,600 | ||||||||||||
a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) $68,000 April $84,000 May $89,000 June $114,000 July $65,000
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