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Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December 31, 2015 Assets Current assets Cash $7,600 Accounts receivable

Kurian Industries' balance sheet at December 31, 2015, is presented below.

KURIAN INDUSTRIES Balance Sheet December 31, 2015
Assets
Current assets
Cash $7,600
Accounts receivable 82,000
Finished goods inventory (2,200 units) 30,100
Total current assets 119,700
Equipment $40,300
Less: Accumulated depreciation 10,700 29,600
Total assets $149,300
Liabilities and Shareholders' Equity
Liabilities
Notes payable $25,500
Accounts payable 45,100
Total liabilities 70,600
Shareholders equity
Common stock $49,900
Retained earnings 28,800
Total shareholders equity 78,700
Total liabilities and shareholders equity $149,300

Budgeted data for the year 2016 include the following.

Q4 of 2016

Year 2016 Total
Sales budget (8,500 units at $38) $96,900 $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 $4,300 for depreciation on equipment. The company expects interest expense to be $3,800 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 collect 60% of the quarterly sales in cash within the quarter and the remainder in the following quarter. It pays direct materials purchased from suppliers 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 2016, the company expects to purchase additional equipment costing $17,700. It expects to pay $8,100 on notes payable plus all interest due and payable to December 31 (included in interest expense $3,800, above). Accounts payable at December 31, 2016, includes amounts due to suppliers (see above) plus other accounts payable of $5,200. In 2016, the company expects to declare and pay a $5,300 cash dividend. Unpaid income taxes at December 31 will be $9,672. The company's cash budget shows an expected cash balance of $15,872 at December 31, 2016.image text in transcribed

Prepare a budgeted balance sheet at December 31, 2016. (Round answers to 0 decimal places, e.g. 125. List Current assets in order of liquidity.) KURIAN INDUSTRIES Budgeted Balance Sheet December 31, 2016 Assets Liabilities and Shareholders' Equity $ >

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