Problem 23-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 26,190 107,190 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,580 10,980 29,600 $136,790 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $26,260 46,550 72,810 Total liabilities Stockholders' Equity Common stock Retained earnings $38,510 25,470 63,980 $136,790 Total stockholders' equity Total liabilities and stockholders' equity Budgeted data for the year 2017 include the following 2017 Quarter 4 Total