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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 $7,410 Accounts receivable 82,100 Finished goods inventory (1,600 units) 29,900 Total current assets 119,410 Equipment Less: Accumulated depreciation $39,600 28,900 10,700 Total assets $148,310 Liabilities and Shareholders' Equity Liabilities Notes payable Accounts payable Total liabilities Shareholders' equity $24,800 44,800 69,600 Common stock $49,800 28,910 Retained earnings Total shareholders' equity Total liabilities and shareholders equity 78,710 $148,310 Budgeted data for the year 2016 include the following. Year 2016 Total Q4 of 2016 Sales budget (8,400 units at $36) Direct materials used $90,720 16,600 $302,400 69,500 Direct labor 12,800 10,700 18,300 56,000 Manufacturing overhead applied Selling and administrative expenses 38,300 75,600 To meet sales requirements and to have 2,300 units of finished goods on hand at December 31, 2016, the production budget shows 9,100 required units of output. The total unit cost of production is expected to be $18. Kurian Industries uses the first-in, first-out (FIFO) inventory costing method. Selling and administrative expenses include $4,800 for depreciation on equipment. The company expects interest expense to be $3,200 for the year and income taxes to be 20% 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 $18,000. It expects to pay $8,400 on notes payable plus all interest due and payable to December 31 (included in interest expense $3,200, above). Accounts payable at December 31, 2016, includes amounts due to suppliers (see above) plus other accounts payable of $5,500. In 2016, the company expects to declare and pay a $4,900 cash dividend. Unpaid income taxes at December 31 will be $4,278. The company's cash budget shows an expected cash balance of $45,540 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.) KURIAN INDUSTRIES Budgeted Balance Sheet December 31, 2016 Assets