Concord Industries'balance sheet at December 31, 2016, is presented below CONCORD INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 25,440 106,440 Total current assets Property, Plant, and Equipment $40,740 Equipment Less: Accumulated depreciation 10,440 30,300 $136,740 Total assets Liabilities and Stockholders' Equity Liabilities $26,940 45,220 72,160 Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $38,890 25,690 Retained earnings Total stockholders' equity 64,580 $136,740 Total liabilities and stockholders' equity Budgeted data for the year 2017 include the following. 2017 Quarter 4 Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 12,550 62,500 12,500 50,900 10,000 49,500 75,000 15,020 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2017, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $18. Concord uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes. In 2017, the company expects to declare and pay an $10,440 cash dividend. The company's cash budget shows an expected cash balance of $5,880 at December 31,2017.All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2017, the company expects to purchase additional equipment costing $9,730. $11,169 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Concord expects to pay $10,870 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,500, above). Accounts payable at December 31, 2017, includes amounts due suppliers (see above) plus other accounts payable of $8,020. Unpaid income taxes at December 31 will be $5,460 X Your answer is incorrect Prepare a budgeted statement of cost of goods sold CONCORD INDUSTRIES Budgeted Cost of Goods Sold Prepare a budgeted multiple-step income statement for 2017 CONCORD INDUSTRIES Budgeted Income Statement eTextbook and Media Your answer is incorrect. X Prepare retained earnings statement for 2017. (List items that increase retained earnings first.) CONCORD INDUSTRIES Budgeted Retained Earnings Statement Prepare a budgeted classified balance sheet at December 31, 2017. (List Current Assets in order of liquidity.) CONCORD INDUSTRIES Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity Concord Industries'balance sheet at December 31, 2016, is presented below CONCORD INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 25,440 106,440 Total current assets Property, Plant, and Equipment $40,740 Equipment Less: Accumulated depreciation 10,440 30,300 $136,740 Total assets Liabilities and Stockholders' Equity Liabilities $26,940 45,220 72,160 Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $38,890 25,690 Retained earnings Total stockholders' equity 64,580 $136,740 Total liabilities and stockholders' equity Budgeted data for the year 2017 include the following. 2017 Quarter 4 Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 12,550 62,500 12,500 50,900 10,000 49,500 75,000 15,020 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2017, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $18. Concord uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes. In 2017, the company expects to declare and pay an $10,440 cash dividend. The company's cash budget shows an expected cash balance of $5,880 at December 31,2017.All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2017, the company expects to purchase additional equipment costing $9,730. $11,169 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Concord expects to pay $10,870 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,500, above). Accounts payable at December 31, 2017, includes amounts due suppliers (see above) plus other accounts payable of $8,020. Unpaid income taxes at December 31 will be $5,460 X Your answer is incorrect Prepare a budgeted statement of cost of goods sold CONCORD INDUSTRIES Budgeted Cost of Goods Sold Prepare a budgeted multiple-step income statement for 2017 CONCORD INDUSTRIES Budgeted Income Statement eTextbook and Media Your answer is incorrect. X Prepare retained earnings statement for 2017. (List items that increase retained earnings first.) CONCORD INDUSTRIES Budgeted Retained Earnings Statement Prepare a budgeted classified balance sheet at December 31, 2017. (List Current Assets in order of liquidity.) CONCORD INDUSTRIES Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity