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Monty Cora, has manufactured a oroad rangs or Quality products s$-$ncs $199-1.$ Tha operating cycle of ths ousiness is less than ore year. The following information is avai asle for the ccmporr$/$s fiscal year sndao February $23\mathrm{.}2023.$ Monty follows ASPS.

$1.$ Monty has S$4\mathrm{.}0$ million of bonds payable outstanding at February $29\mathrm{.}2023.$ which ware issued at car n $2012$ and are due in $2032.$ The bonds carry an interest rate of $7$& paya Sie semi$-$annually each June lard December $1$

$2.$ Monty has several notes payab$$ outstand'ng with its primary banking nsttution at February $29\mathrm{.}2023.$ In each case, the

annual interest s due on the amiversary rate of the note each yea$-$same as the sue dates "sted. The notes are as follows:

Interest

Due Date Amount Due Rate

Apr. $12023$ S$168\mathrm{.}0$X $854$

Jan $31\mathrm{.}2024210\mathrm{.}000954$

Mar. $15\mathrm{.}2024504\mathrm{.}000754$

Oct $30\mathrm{.}2025240\mathrm{.}000654$

$3.$ Monty uses the $$pense approach to account for assurance$-$type warrantes. The company has a two$-$year warranty on

selected products, with an est$$m sted cost of $154$ of sales oeirg returner in the $12$ months following the sa e$.$ and a cost of $1\mathrm{.}594$ of sa es be ng returned in months $13$ to $24$ fa $11$ owl ng the sa le$.$ The warranty liability outstansi ng at February $26\mathrm{.}2022.$was $56\mathrm{.}000.$ Sales of warranted products in the year enoed February $29\mathrm{.}2023.$ were $5157\mathrm{.}000.$ Actual warranty costs $-$ncurreS Surirg the current fiscal year a$*$e as fol lows:

Warranty clams honoured on $2021-2022$ sales S$4\mathrm{.}700$

Warranty clams honoured on $2022-2023$ sales $1\mathrm{.}400$

S$6\mathrm{.}100$

$4.$ The accounts payable subsidiary edger shows salantes of regu'ar trade payab es for suppies arc purchases of gooos ans services on open account. Included in the net balance of $5397\mathrm{.}000$ are accounts with credit balances totalling S$417$GOO and accounts with deb t balances totalling S$20.$CO$0$ at February $29\mathrm{.}2023.$ Included in trade payables is a short term loan of $526\mathrm{.}000$ owing to an affiliated company.

$5.$ The following infomaticn relates tp Monty's payroll for the month of February $2023.$ Monty's reculred contribution for El is $1\mathrm{.}4$ times the employee contribution$-$ for CPP$.$ it is $10$ times tha employee contribution.

Salaries anb wages outstanding at February $29\mathrm{.}2023$ S$210000$

For the last payroi of the year, the fDiowirg unpa d salantes appy:

El withheld from emplpyees $9\mathrm{.}403$

CPP withheld from employees $17\mathrm{.}403$

Income taxes withheld from employees $46\mathrm{.}703$

Union dues wlthhed from employees $21\mathrm{.}703$

$6.$ Monty regularly pays GST owing to the Receiver General for Canada on tha $15$th of the month Monty's GST transactions indude the GST that it charges to customers and the GST that It is charged by suppliers of gooos and sen$-$ices. During February $2023.$ purchases attracted S$28.$COO of GST$.$ while die GST charged on invoices to customers totaled S$39003.$ At January $31\mathrm{.}2023.$ tha balances in the GST Receivable and GST Payable accounts were S$33\mathrm{.}903$ and S$59\mathrm{.}1$C$0.$ respectively.

$7.$ Other miscellaneous liabilities included S$54\mathrm{.}03$C of dividends payab$$e on March $15\mathrm{.}2023$:$535\mathrm{.}003$ of oonuses payable to company executives $(7594$ payable in September $2023$ and $2594$ payable in March $2024!$; and S$61.$CCO in accrued audit fees coverirg the year ended February $29\mathrm{.}2023.$

$6.$ Monty sells gift cards to its customers. The company roes not set a redempt on rate and customers can use the r cards at any

ins At March $12022.$ Monty had a balance outstanolng of S$1$C$6.$COO in its Unearned Revenue account Monty received $523.$OX n cash for gift cards purchased during the current year, and S$37\mathrm{.}2$X In redemptions took place during the year. Based or$.$ past experience. $1594$ of customer gfc care be ances neve$*$ get redeemed$-$ At the end of each year. Monty recogntes $1554$ of tha opening baa$-$ice of Uneamec Revenue as earned during the year.

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