Bradley Company has the following post-closing trial balance on December 31, 2018:
BRADLEY COMPANY
Post-Closing Trial Balance
December 31, 2018

The company's accounting department has gathered the following budgeting information for the first quarter of 2019:
Budgeted total sales, all on account ....................................... $ 305,000
Budgeted direct materials to be purchased and used ....................... 32,000
Budgeted direct labor cost ...................................................... 12,500
Budgeted manufacturing overhead costs:
Variable manufacturing overhead .............................................. 2,100
Depreciation ........................................................................ 1,300
Insurance and property taxes .................................................... 1,350
Budgeted cost of goods sold .................................................... 72,000
Budgeted selling and administrative expenses:
Salaries expense ..................................................................... 7,000
Rent expense ......................................................................... 2,000
Insurance expense ................................................................... 1,100
Depreciation expense ................................................................... 550
Supplies expense ..................................................................... 15,250
Budgeted cash receipts from customers ........................................ 263,500
Budgeted income tax expense ................................................... 41,000
Budgeted purchase and payment for capital expenditures
(additional equipment) ............................................................ 43,000
Additional information:
a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter.
b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred.
c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019.
Requirements
1. Prepare Bradley Company's budgeted income statement for the first quarter of 2019.
2. Prepare Bradley Company's budgeted balance sheet as of March 31, 2019?

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Account Debit Credit $ 15,000 Cash Accounts Receivable 23,200 Raw Materials Inventory 11,000 Finished Goods Inventory 25,900 125,000 Equipment $ 35,000 Accumulated Depreciation Accounts Payable 13,600 Common Stock 150,000 Retained Earnings 1,500 $ 200,100 $ 200,100 Totals