Question

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 Accounts receivable Finished goods inventory (1,600 units) Total current assets Equipment Less: Accumulated depreciation Total assets 57,410 82,100 29,900 119,410 $39,600 10,700 28,900 $148,310 $24,800 44,800 69,600 Liabilities and Shareholders' Equity Liabilities Notes payable Accounts payable Total liabilities Shareholders' equity Common stock $49,800 Retained earnings 28,910 Total shareholders' equity Total liabilities and shareholders' equity 78,710 $148,310
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Answer 1

Answer: sian Industries budgeted Incomeslotement for the year ended Dec-31, 2016. - particulars Amount Amount $302,400 sales Less Cost of goods sold: Finished goods inventory Jaurl $29900 Cost of goods Manufactured $ 163,800 cost of goods available for sale $193,700 Finished goods inventory Dec-31 $ 41,400 - cost of goods sold 75452300 Gross profile $ 150,100 Selling and Administrations expense 75.600 Income from operation $ 74,500 Interest expense $ 3,200 Income before Interest on Tax $ 71,300 Income Tax empeuse (171,300x207) 1$ 14.260 Net Income (Loss) $57,040 Kurian Industries budgeled cost of goods sold for the year ending Dec 31, 2016. particulars Amount Amount Finished goods Inventory cec-81 $ 29900 Add: cost of goods Manufactured :- Direct Material used $ 69,500 Direct Labor $56,000 Manufacturing overhead Applied 38,300 $ 163,800 cost of goods available for sale 14193,700 Less: Finished goods Inventory Dec.31 HH1400 (2,300x°4187 $152,300 cost of goods sold