Problem 21-6A (Part Level Submission) Krause Industries\' balance sheet at Decem

Question

Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Part Current Assets Part n) Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 26,190 107,190 Total current assets Property, Plant, and Equipment $40,580 Less: Accumulated depreciation 10,980 29,600 Total assets $136,790 Liabilities and Stockholders' Equity Notes payable Accounts payable $26,260 46,550 72,810 Total liabilities Stockholders' Equity Common stock $38,510 25,470 Retained earnings Total stockholders equity 63,980 Total liabilities and stockholders' equity $136,790 Budgeted data for the year 2017 include the following. 2017 Quarter 4Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 14,080 62,500 12,500 50,900 10,000 49,170 75,000 15,320 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2017. the production budaet shows 9.000 reauired units of outout. The total unit cost of production

Explanation / Answer

Please add the required data for interest expense and income tax expense

Multistep income statement Sales revenue 256000 Less Cost of goods sold 143760 Gross profit 112240 Selling and administrative expense 75000 Income from operations 37240

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