201 Additional information: i Data Table - .X orma 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. Read the requirements i Data Table - X firs Credit Puckett Company Post-Closing Trial Balance December 31, 2016 Account Debit Cash $ 10,000 Accounts Receivable 20.000 Raw Materials Inventory 10,000 Finished Goods Inventory 25,400 Equipment 165.000 Accumulated Depreciation $ Accounts Payable Common Stock 307,000 39.000 12,000 2.700 25,000 900 1,400 71,200 16,500 70,000 118.900 Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Retained Earnings $ 230,400 $ Totals 230,400 for ti all input boxes. Enter a "0" Print Done 13,000 1,500 1,600 200 12,280 261,000 44,000 36.000 0 Requirements -X Print Done 1. Prepare Puckett Company's budgeted income statement for the first quarter of 2017 2. Prepare Puckett Company's budgeted statement of cash flows for the first quarter of 2017 3. Prepare Puckett Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance. 00)- Print Done Done 201 Additional information: i Data Table - .X orma 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. Read the requirements i Data Table - X firs Credit Puckett Company Post-Closing Trial Balance December 31, 2016 Account Debit Cash $ 10,000 Accounts Receivable 20.000 Raw Materials Inventory 10,000 Finished Goods Inventory 25,400 Equipment 165.000 Accumulated Depreciation $ Accounts Payable Common Stock 307,000 39.000 12,000 2.700 25,000 900 1,400 71,200 16,500 70,000 118.900 Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Retained Earnings $ 230,400 $ Totals 230,400 for ti all input boxes. Enter a "0" Print Done 13,000 1,500 1,600 200 12,280 261,000 44,000 36.000 0 Requirements -X Print Done 1. Prepare Puckett Company's budgeted income statement for the first quarter of 2017 2. Prepare Puckett Company's budgeted statement of cash flows for the first quarter of 2017 3. Prepare Puckett Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance. 00)- Print Done Done