answer a2 plz
Kuran Industrie balance sheet at December 31, 2015, es presented below. KURIAN INDUSTRIES Balance Sheet December 31, 2015 Assets Current assets Cash 57,600 Accounts receivable $2.000 Finished goods inventory (2,200 units) 30,100 Total current assets 119.700 Equipment 140,300 Les Accumulated depreciation 10.700 29,600 Total assets $149.300 Lities and shareholders' quity Latities Notes payable 25.50 Accounts payable 45.100 Total liabilities 70,600 Shareholders' equity Common stock $49,900 Retained earings 25,800 Total shareholders' equity 78,700 Totallabies and shareholders' equity $149.100 Budgeted data for the year 2016 include the following 04 of 2016 Year 2016 Total Sales budget (8,500 units at $38) 396,900 $323,000 Direct materials used 17.400 69,600 Direct labor 12,900 55,500 Manufacturing overhead applied 10.800 72,300 Selling and administrative expenses 18,200 76,200 To meet sales requirements and to have 3,100 units of finished goods on hand at December 31, 2016, the production budget shows 9,400 required units of output. The total unit cost of production is expected to be 21. Kurian Industries uses the first in, first-out (FIFO) inventory costing method. Selling and administrative expenses include 54,900 for direction on equipment. The company expects interest expense to be $3,000 for the year and income taxes to be 40% of income before income taxes All sales and purchases are on account. The company expects to collectos of the quarterly sales in cash within the quarter and the remainder in the following quarter. It pays direct materials purchased from suppliers sons in the Quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used in 2016, the company expects to purchase additional equipment conting $17,700. expects to pay $8,100 on notes payable plus al interest due and payable to December 31 (included in interest expense $3,000, above). Accounts payable at December 31, 2016, includes amounts due to wppliers (we teve) plus other counts payable of 85.200. In 2016, the company expects to declare and pay a $5,300 cash dividend. Unpad income taxes at December 31 will be 19,672. The company's cash budget shows an expected cash balance of 15,872 at December 31, 2016 Your answer is correct Prepare a budgeted income statement for 2016. In preparing the income statement, you will need to calculate the cont of good manufactured materials + hour overhead and frihed goods inventory (December 31, 2016) (Round answers to decimal places, 175.) KURIAN INDUSTRIES Budgeted Income statement For the Year Ending December 31, 2016 300 bo, 100 costoso finished goods inventory muary 1 Costcod manufacturer Cost of goods avale for sale Finished goods inventory December 31 Cost of goods sold 1/400 027,500 165,100 T2,400 160,600 1440 Reling and administrative expenses income from operations interest expense Encome before income taxes 0,600 Income tax expense The income Attemptsi 1 of 1 used Prepare a budgeted balance sheet at December 31, 2016. (Round answers to decimal places, e.g. 125. List Current assets in order of liquidity.) KURIAN INDUSTRIES Budgeted Balance Sheet December 31, 2016 Assets [no answer) [no answer [no answer [no answer) [no answer] [no answer) [no answer]: [no answer] [no answer) Liabilities and Shareholders' Equity [no answer) [no answer) (no answer] Ino answer] Ino answer) no answer] no answer] no answer] no answer] no answer)
