Reference no: EM132873860

Question - The Handy Hardware is a retail hardware store and here is Information about the store's operations as follow. The November 20x1 sales are amounted to $580,000.

The Sales are then budgeted at $620,000 for December 20x1 and $580,000 for January 20x2. The  Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. The store's gross margin is 20 percent of its sales revenue. A total of 80 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 20 percent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase. Other monthly expenses are paid in the cash amount of $47,000. The Annual depreciation is $486,000. Make the company balance sheet as of November 30, 20x1?