Problem 10-42A (Part Level Submission)

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

	KURIAN INDUSTRIES Balance Sheet December 31, 2015
	Assets
	Current assets
	Cash			$7,560
	Accounts receivable			82,200
	Finished goods inventory (2,500 units)			29,600
	Total current assets			119,360
	Equipment	$39,600
	Less: Accumulated depreciation	11,000		28,600
	Total assets			$147,960
	Liabilities and Shareholders' Equity
	Liabilities
	Notes payable			$24,900
	Accounts payable			44,500
	Total liabilities			69,400
	Shareholders equity
	Common stock	$49,600
	Retained earnings	28,960
	Total shareholders equity			78,560
	Total liabilities and shareholders equity			$147,960

Budgeted data for the year 2016 include the following.

		Q4 of 2016			Year 2016 Total
	Sales budget (8,300 units at $40)	$99,600			$332,000
	Direct materials used	17,500			70,300
	Direct labor	12,700			56,500
	Manufacturing overhead applied	10,100			49,200
	Selling and administrative expenses	18,100			76,400

To meet sales requirements and to have 3,000 units of finished goods on hand at December 31, 2016, the production budget shows 8,800 required units of output. The total unit cost of production is expected to be $20. Kurian Industries uses the first-in, first-out (FIFO) inventory costing method. Selling and administrative expenses include $4,100 for depreciation on equipment. The company expects interest expense to be $3,300 for the year and income taxes to be 30% 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 $17,600. It expects to pay $7,900 on notes payable plus all interest due and payable to December 31 (included in interest expense $3,300, above). Accounts payable at December 31, 2016, includes amounts due to suppliers (see above) plus other accounts payable of $5,800. In 2016, the company expects to declare and pay a $5,200 cash dividend. Unpaid income taxes at December 31 will be $9,603. The company's cash budget shows an expected cash balance of $47,263 at December 31, 2016.

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.)