About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:

Algebra,Applied Sciences See all

Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all

Teaching Since:	May 2017
Last Sign in:	402 Weeks Ago, 3 Days Ago
Questions Answered:	66690
Tutorials Posted:	66688

Education

MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

Experience

Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 14.00

Krause Industries

Problem 21-6A

Krause IndustriesAc€?c balance sheet at December 31, 2013, is presented below.

KRAUSE INDUSTRIES Balance Sheet December 31, 2013
Assets
Current Assets
Cash		$7,500
Accounts receivable		82,500
Finished goods inventory (2,000 units)		35,020
Total current assets		$125,020
Property, Plant, and Equipment
Equipment	$42,510
Less: Accumulated depreciation	12,510	30,000
Total assets		$155,020
Liabilities and Stockholders' Equity
Liabilities
Notes payable		$27,510
Accounts payable		47,510
Total liabilities		75,020
Stockholders' Equity
Common stock	$47,490
Retained earnings	32,510
Total stockholders' equity		80,000
Total liabilities and stockholders' equity		$155,020

Additional information accumulated for the budgeting process is as follows.
Budgeted data for the year 2014 include the following.

	4th Qtr. of 2014	Year 2014 Total
Sales budget (8,000 units at $35)	$84,000	$280,000
Direct materials used	11,980	69,400
Direct labor	12,500	56,600
Manufacturing overhead applied	10,000	51,490
Selling and administrative expenses	15,490	76,000

To meet sales requirements and to have 3,000 units of finished goods on hand at December 31, 2014, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $20. Krause Industries uses the first-in, first-out (FIFO) inventory costing method. Selling and administrative expenses include $13,066 for depreciation on equipment. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes.

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 2014, the company expects to purchase additional equipment costing $21,510. It expects to pay $10,510 on notes payable plus all interest due and payable to December 31 (included in interest expense $3,500, above). Accounts payable at December 31, 2014, include amounts due suppliers (see above) plus other accounts payable of $8,210. In 2014, the company expects to declare and pay an $7,510 cash dividend. Unpaid income taxes at December 31 will be $7,510. The companyAc€?cs cash budget shows an expected cash balance of $7,950 at December 31, 2014.

Prepare a budgeted income statement for 2014.

KRAUSE INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2014
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses		$
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, December 31 Finished Goods Inventory, January 1 Gross Profit Income before Income Taxes Income from Operations Income Tax Expense Interest Expense Net Income/ (Loss) Sales Selling and Administrative Expenses	$
Cost of Goods Available For Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, December 31 Finished Goods Inventory, January 1 Gross Profit Income before Income Taxes Income from Operations Income Tax Expense Interest Expense Net Income/ (Loss) Sales Selling and Administrative Expenses
Cost of Goods Available For Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, December 31 Finished Goods Inventory, January 1 Gross Profit Income before Income Taxes Income from Operations Income Tax Expense Interest Expense Net Income/ (Loss) Sales Selling and Administrative Expenses
Cost of Goods Available For Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, December 31 Finished Goods Inventory, January 1 Gross Profit Income before Income Taxes Income from Operations Income Tax Expense Interest Expense Net Income/ (Loss) Sales Selling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses
Cost of Goods Available For SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, December 31Finished Goods Inventory, January 1Gross ProfitIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income/ (Loss)SalesSelling and Administrative Expenses		$

LINK TO TEXT

Prepare a budgeted balance sheet at December 31, 2014. (List assets in order of liquidity.)

KRAUSE INDUSTRIES Budgeted Balance Sheet December 31, 2014
Assets
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings	$
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity		$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings	$
AddLess: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity		$
Liabilities and Stockholders' Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings	$
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity		$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings	$
Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Finished Goods Inventory Income Taxes Payable Notes Payable Retained Earnings
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity		$

Answers

Maurice Tutor

(5)

Status NEW Posted 17 Aug 2017 09:08 PM My Price 14.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)

Buy Answer

Relevent Questions

Hire Dedicated Virtual Team / Business Solution for SMEs.