Question 1 Krause Industries' balance sheet at December 31, 2016, is presented below KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Asscts Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 24,000 105,000 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,000 10,00030,000 Total assets $135,000 Liabilities and Stockholders Equity Liabilities Notes payoble Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity $40,000 25,000 Common stock Retained earnings Total stockholders equity 65,000 Total lablites and stockholders' equity $135,000