Problem 21-6A (Part Level Submission) Krause Industries balance sheet at December 31, 2013, pted below. KRAUSE INDUSTRIES Balance Sheet December 31, 2013 Assets $7,500 82,500 22.62 $122.540 Find good ory (2.000) Total Property Part, and Equment $41,320 Less: Accumulated depreciation Totalsts Liabilities and Stockholders' Equity 20,000 $152.140 Notas payable $26,320 Accounts payable 46.2 Totalbes 72,640 Stockholm Common stock $48, 31,320 Total stockholders' equity H0.000 Totals and consequly $152.540 Additional information accumulated for the budgeting process is as follows. Budgeted data for the year 2014 include the following 4th Qtr. of 2014 Year 2014 Total Sales budget (8,000 units at $35) $84,000 $280,000 Direct materials used 69,400 Direct labor 12,500 56,600 Marrafacturing verhead applied 10,000 52,50 Selling and administrative expenses 16,680 76,000 To mest sales requirements and to have 3,000 units of finished goods on hand at December 31, 2014, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be 520. Krause Industries uses the first-in, first-out (FIFO) intory costing method. Selling and administrative expenses include 511,162 for depreciation on equipment. Interested is expected to be $3,500 for the year. Income taxes are compacted to be 40% of income before income tams. 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 materiais 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 materialid. In 2014, the company expects to purchase additional equipment conting 520,320. It expects to pay $9,320 on notes payable plus all interest due and payable to December 31 (included in interest experie 53,500 above). Accounts payable at December 31, 2014, include amounts due spliers (see above) plus other accounts payable of $7,020. In 2014, the company expects to dedare and pay an 56,320 cash dividend unpaid income taxes at December 31 will be $5,320. The company's cash budget shows an expected cash balance of $7,950 at December 31, 2014 Your answer is partially correct. Try again Prepare a budgeted balance sheet at December 31, 2014. (List assets in order of liquidity.) KRAUSE INDUSTRIES Budgeted Balance Sheet December 31, 2014 Assets Current A 7950 Accounts Racivable 33600 Finished Goods Inventory 60000 101550 Total Current Assets Property, Plant and Equipment Equipment 52640 Accumulated Depreciation 14000 38640 Total Assets 62910 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable 17000 Income Taxes Payable Total Labs 37520 Stockholders Egly Common Stock Red Earnings 53188 Total Stockholders' Equity Total Liabilities and Stockholders' Equity