Krause Industries' balance sheet at December 31, 2019. is presented below. $7,500 73,500 26.520 107,520 KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40.720 Less: Accumulated depreciation 10,550 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $39.850 Retained earnings 25.090 Total stockholders' equity Total liabilities and stockholders' equity 30,170 $137,690 $25,360 47,390 72,750 64.940 $137,690 Budgeted data for the year 2020 include the following Sales budget (8,000 units at $321 Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses 2020 Quarter 4 Yotal 576,800 $256,000 11600 62.500 12.500 50,900 10,000 48600 17,330 75.000 To moet sales requirements and to have 2.500 units of finished goods on hand at December 31, 2020, the production bude shows 9.00 required units of output. The total unit cost of production is expected to be $16. Krauses the first in first-out Fifol Inventory costing method. Interest expone spected to be $3.00 for the year. Income taxes are expected to be 40% of Income before income taxesIn 2020, the company expects to declare and payan 59,010 cash divided The company's cash budget shows an expected the balance of 55.000 at December 31, 2020. 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 followint quarter Direct material purchased tross suppliers are cald Sox in the quarter incurred and the remainder in the following quarter. Prchases in the fourth quarter were the same as the materials used in 2020, the company expects to purchase additional equipment contin 59,100.59,422 of depredation expense on equipment in cluded in the budget data and solituilly between manufacturing overhead and selling and administrative expenses. Kupects to pay $10,240 on the outstanding roles payable balance plus interest due and payable to December 31 inchided in interestepense $3.500 boveAccounts payable December 31, 2020. Includes amounts de suporte abovellus other counts payable relating to manufacturing overheado 57420 Unpold income tasat December 31 will be 56,750 Prepare a budgeted statement of cost och KRAUSE INDUSTRIES Budgeted Cost of Goods Sold Prepare a budgeted multiple-step income statement for 2020, KRAUSE INDUSTRIES Budgeted Income Statement $ Prepare a retained earnings statement for 2020. (List items that increase retained earnings first) KRAUSE INDUSTRIES Budgeted Retained Earnings Statement Textbook and Media Prepare a budgeted classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity) KRAUSE INDUSTRIES Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $
