Super drive is a computer hard-drive manufacturer the

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Reference no: EM13610059

Super Drive is a computer hard-drive manufacturer. The company's balance sheet for the fiscal year ended on November 30 appears below: Super Drive, Inc. Statement of Financial Position For the year ended November 30 Assets: Cash $52,000 Accounts receivable 150,000 Inventory 315,000 Property, plant, and equipment 1,000,000 Total Assets $1,517,000 Liabilities and stockholders' equity: Accounts payable $175,000 Common stock 900,000 Retained earnings 442,000 Total liabilities and stockholders' equity $1,517,000 Additional information regarding Super Drive's operations appears below: • Sales are budgeted at $520,000 for December and $500,000 for January. • Collections are expected to be 60% in the month of sale and 40% in the month following sale. There are no bad debts. • 80% of the disk-drive components are purchased in the month prior to the month of the sale, and 20% are purchased in the month of the sale. Purchased components comprise 40% of the cost of goods sold. • Payment for components purchased is made in the month following the purchase. • Assume that the cost of goods sold is 80% of sales.

Reference no: EM13610059

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