Buncomb Company has the following post-closing trial balance on December 31, 2018:
BUNCOMB 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 ............................................ $ 121,700
Budgeted purchases of merchandise inventory, all on account ................ 61,200
Budgeted cost of goods sold ...................................................... 60,850
Budgeted selling and administrative expenses:
Commissions expense ............................................................... 6,085
Salaries expense ...................................................................... 3,000
Rent expense ......................................................................... 4,100
Depreciation expense .................................................................. 900
Insurance expense ...................................................................... 300
Budgeted cash receipts from customers ....................................... 126,450
Budgeted cash payments for merchandise inventory .......................... 67,925
Budgeted cash payments for salaries and commissions ....................... 14,836
Budgeted income tax expense ...................................................... 4,700
Additional information:
Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount.
Requirements
1. Prepare a budgeted income statement for the quarter ended March 31, 2019.
2. Prepare a budgeted balance sheet as of March 31, 2019?

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Debit Account Credit $ 22,000 Cash Accounts Receivable 20,000 Merchandise Inventory 15,500 Prepaid Insurance 2,400 Equipment and Fixtures 30,000 $ 20,000 Accumulated Depreciation Accounts Payable 26,000 Salaries and Commissions Payable 6,700 Common Stock 14,000 Retained Earnings 23,200 $ 89,900 $ 89,900 Totals