Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Monty Warehouse Store has an August 31 fiscal year end and uses a perpetual Inventory system. An alphabetical list of its account balances

image text in transcribed
Question 1 Monty Warehouse Store has an August 31 fiscal year end and uses a perpetual Inventory system. An alphabetical list of its account balances at 31, 2017 follows All accounts have normal balances. Accounts payable Accounts recevable Accumulated depreciation-equipment $30,500 19,000 26,560 Cash Cost of goods sold Depreciation experise Equipment Freight out Insurance expense Interest expense Interest receivable 13,500 565,500 6,640 66,400 4,700 3,000 2,300 Interest revenue Merchandise inventory Notes payable Notes receivable Rent expense Sales Sales discounts Sales returns and allowances Supplies expense Unearned revenue V. Monty, capital V. Monty, drawings $920 59,000 31,490 32,000 16,000 705,000 4,200 14,400 6,109 6,100 72,700 60,300 230 Additional information: 1. All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has 557,000 of merchandise hand. 2. Last year Monty Warehouse Store had a gross profit margin of 20% and a profit margin of 119 Question 1 Monty Warehouse Store has an August 31 fiscal year end and uses a perpetual Inventory system. An alphabetical list of its account balances at 31, 2017 follows All accounts have normal balances. Accounts payable Accounts recevable Accumulated depreciation-equipment $30,500 19,000 26,560 Cash Cost of goods sold Depreciation experise Equipment Freight out Insurance expense Interest expense Interest receivable 13,500 565,500 6,640 66,400 4,700 3,000 2,300 Interest revenue Merchandise inventory Notes payable Notes receivable Rent expense Sales Sales discounts Sales returns and allowances Supplies expense Unearned revenue V. Monty, capital V. Monty, drawings $920 59,000 31,490 32,000 16,000 705,000 4,200 14,400 6,109 6,100 72,700 60,300 230 Additional information: 1. All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has 557,000 of merchandise hand. 2. Last year Monty Warehouse Store had a gross profit margin of 20% and a profit margin of 119

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

111950242X, 1-119-50242-5, 978-1119502425

More Books

Students also viewed these Accounting questions