You have been provided with the following selected accounts for Monty Ltd. for the year ended April 30, 2018:

Inventory, May 1, 2017		$578,000		Interest expense		$28,000
Purchases		5,853,000		Interest income		20,000
Accounts receivable		757,000		Accounts payable		589,000
Sales		9,378,000		Administrative expenses		800,000
Purchase discounts		36,000		Selling expenses		141,000
Freight in		117,000		Cash		166,000
Land		919,000		Common shares		195,000
Sales returns and allowances		236,000

Monty conducted a physical inventory count on April 30, 2018. Inventory on hand at that date was determined to be $724,000.

Prepare a partial multiple-step income statement for the year ended April 30, 2018, through to gross profit.

Question 10 You have been provided with the following selected accounts for Monty Ltd. for the year ended April 30, 2018: Inventory, May 1, 2017 $578,000 Interest expense $28,000 Purchases 5,853,000 Interest income 20,000 Accounts receivable 757,000 Accounts payable 589,000 Sales 9,378,000 Administrative expenses 800,000 36,000 Selling expenses Purchase discounts 141,000 Freight in 117,000 Cash 166,000 Land 919,000 Common shares 195,000 Sales returns and allowances 236,000 Monty conducted a physical inventory count on April 30, 2018. Inventory on hand at that date was determined to be $724,000 Prepare a partial multiple-step income statement for the year ended April 30, 2018, through to gross profit MONTY LTD. Income Statement (Partial) Year Ended April 30, 2018 Sales revenues Sales 9378000 Less 236000 Sales Returns and Allowances Net sales 9142000 Cost of Goods Sold Inventory, May 1, 2017 578000 Purchases 5853000 Less 236000 Purchase Returns and Allowances Net Purchases Add Freight In Cost of goods purchased Cost of goods available for sale