Balance Sheet

Assets

Cash $$200,000$

Accounts receivable $1,722,000$

Raw materials inventory $492,500$

Finished goods inventory $1,627,700$

Equipment $3,000,000$

Less: Accumulated depreciation $750,0002,250,000$

Total assets $$6,292,200$

Liabilities and Equity

Liabilities

Accounts payable $$1,005,000$

Loan payable $12,000$

Long$-$term note payable $2,500,0003,517,000$

Equity

Common stock $1,675,000$

Retained earnings $1,100,2002,775,200$

Total liabilities and equity $$6,292,200$

a$.$ Sales for March total $102,500$ units. Budgeted sales in units follow: April, $102,500$; May, $97,500$; June, $100,000$; and July, $102,500.$ The product$$s selling price is $$24\mathrm{.}00$ per unit and its total product cost is $$19\mathrm{.}85$ per unit.

h$.$ The company budgets $30\%$ of sales to be for cash and the remaining $70\%$ on credit. Credit sales are collected in full in the month following the sale $($no credit sales are collected in the month of sale$).$

The two paragraphs above are needed to complete the problem.