HELP! ACC 2020 List of options for the left column Question 7 Krause Industries\

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HELP! ACC 2020

List of options for the left column

Question 7 Krause Industries' balance sheet at December 31, 2013, is presented below KRAUSE INDUSTRIES Balance Sheet December 31, 2013 Assets Current Assets Cash Accounts receivable Finished goods inventory (2,000 units) $7,500 82,500 35,360 $125,360 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $42,680 12,680 30,000 $155,360 Total assets Liabilities and Stockholders Equity Liabilities Notes payable Accounts payable $27,680 47,680 75,360 Total liabilities Stockholders' Equity $47,320 32,680 Common stock Retained earnings 80,000 Total stockholders' equity Total liabilities and stockholders' equity

Explanation / Answer

K Industries Budgeted Income statement for 2014 Sales $280,000 Cost of goods sold: Finished goods inventory, January 1 $35,360 Cost of goods manufactured (69400+56600+51320) 177320 Cost of goods available for sale $212,680 Finished goods inventory, January 31 (3000*20) -60000 $152,680 Gross profit $127,320 Selling and administrative expenses (76000.) Income from operations $51,320 Interest expense ($3,500) Income before income taxes $47,820 Income tax expense $19,128.0 Net income/ (Loss) $28,692.0

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