To meet sales requirements and to have 2,500 units of finished goods on hand at december 31, 2017, the production budget shows 9,000 required units of output. the total unit cost of production is expected to be $18. flint uses the first-in, first-out (fifo) inventory costing method. interest expense is expected to be $3,500 for the year. income taxes are expected to be 40% of income before income taxes. in 2017, the company expects to declare and pay an $8,450 cash dividend.

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Krause Industries? balance sheet at December 31, 2016, is presented below.

KRAUSE INDUSTRIES  

Balance Sheet  

December 31, 2016  

Assets  

Current Assets  

Cash  $7,500

Accounts receivable  73,500

Finished goods inventory (1,500 units)  26,320

Total current assets  107,320

Property, Plant, and Equipment  

Equipment$40,010  

Less: Accumulated depreciation10,20029,810

Total assets  $137,130

Liabilities and Stockholders' Equity  

Liabilities  

Notes payable  $27,820

Accounts payable  45,040

Total liabilities  72,860

Stockholders' Equity  

Common stock$38,930  

Retained earnings25,340  

Total stockholders' equity  64,270

Total liabilities and stockholders' equity  $137,130

Budgeted data for the year 2017 include the following.

2017  

Quarter 4Total

Sales budget (8,000 units at $32)$76,800$256,000

Direct materials used11,28062,500

Direct labor12,50050,900

Manufacturing overhead applied10,00049,660

Selling and administrative expenses15,25075,000

To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2017, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $18. Krause uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes. In 2017, the company expects to declare and pay an $10,450 cash dividend.

The company?s cash budget shows an expected cash balance of $5,880 on December 31, 2017. 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 materials 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 materials used. In 2017, the company expects to purchase additional equipment costing $9,380. $7,848 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Krause expects to pay $9,450 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,500, above). Accounts payable at December 31, 2017, includes amounts due suppliers (see above) plus other accounts payable of $7,540. Unpaid income taxes on December 31 will be $7,700.

Prepare a budgeted classified balance sheet on December 31, 2017.

KRAUSE INDUSTRIES

Balance Sheet

31-Dec-2017

Assets                                                          Amount

Current Assets  

Cash                                                             $5,880

Accounts receivable ($76,800 x 40%)     $30,720

Finished goods inventory (2,500 units x $18)     $45,000

Total current assets                                      $81,600

Property, Plant, and Equipment  

Equipment                                          $49,390  

Less: Accumulated depreciation-$18,048      $31,342

Total assets                                                       $112,942

Liabilities and Stockholders' Equity  

Liabilities  

Notes payable ($27,820-$9,450)                 $18,370

Income Tax Payable                                          $7,700

Accounts payable                                                  $7,540

Total liabilities                                                  $33,610

Stockholders' Equity  

Common stock                                                         $38,930  

Retained earnings                                                 $40,402  

Total stockholders' equity                                   $79,332

Total liabilities and stockholders' equity          $112,942

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