Someone please help me complete this need it done in 1 hour im on my last question. I just need this problem done and it's 3 parts. Income Statement, retained earnings, and balance sheet. Already completed the cost of goods sold.

Thank you to who ever helps.

Krause Industries balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets Current Assets Cash $7,500 Accounts receivable 73,500 Finished goods inventory (1,500 units) 25,720 Total current assets 106,720 Property, Plant, and Equipment Equipment $40,340 Less: Accumulated depreciation 10,240 30,100 Total assets $136,820 Liabilities and Stockholders' Equity Liabilities Notes payable $27,220 Accounts payable 47,250 Total liabilities 74,470 Stockholders' Equity Common stock $34,840 Retained earnings 27,510 Total stockholders' equity 62,350 Total liabilities and stockholders' equity $136,820 Budgeted data for the year 2020 include the following. 2020 Quarter 4 Total Sales budget (8,000 units at $32) $76,800 $256,000 Direct materials used 14,810 62,500 Direct labor 12,500 50,900 Manufacturing overhead applied 10,000 48,600 Selling and administrative expenses 16,020 75,000 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020, 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 2020, the company expects to declare and pay an $8,870 cash dividend. The companys cash budget shows an expected cash balance of $5,880 at December 31, 2020. 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 2020, the company expects to purchase additional equipment costing $11,050. $9,047 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 $10,290 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, 2020, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $8,750. Unpaid income taxes at December 31 will be $6,270.

(a)

Prepare a budgeted multiple-step income statement for 2020. KRAUSE INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2020 Sales Revenue 256000 X Cost of Goods Sold 142380 Gross Profit 113620 Selling and Administrative Expenses 75000 Income from Operations 38620 Interest Expense 3500 Income before Income Taxes 35120 Income Tax Expense 14048 Net Income / (Loss) 21072) Click if you would like to Show Work for this question: Open Show Work TNK TO TEYT Prepare a budgeted multiple-step income statement for 2020. KRAUSE INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2020 Sales Revenue 256000 X Cost of Goods Sold 142380 Gross Profit 113620 Selling and Administrative Expenses 75000 Income from Operations 38620 Interest Expense 3500 Income before Income Taxes 35120 Income Tax Expense 14048 Net Income / (Loss) 21072) Click if you would like to Show Work for this question: Open Show Work TNK TO TEYT