Grant Company has the following post-closing trial balance on December 31, 2016:

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, 2017.
2. Prepare a budgeted balance sheet as of March 31, 2017.
3. Prepare a budgeted statement of cash flows for the quarter ended March 31, 2017.

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GRANT COMPANY Post-Closing Trial Balance December 31, 2016 Debilt Account Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Credit 26,000 19,000 16,500 1,600 56,000 Accounts Pavable Salaries and Commissians Payable Common Stock Retained Earnings Totals S 15,000 16,000 6,125 17,000 64,975 119,100 119,100 The companys accounting department has gathered the following budgeting information for the first quarter of 2017: Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses S121,200 60,900 60,600 Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense 6,060 8,000 4,800 400 200 127,960 67,675 15,243 4,800 Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash Budgeted income tax expense payments for salaries and commissions