Haney Company has the following post-closing trial balance on December 31, 2024: (Click the icon to...
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Haney Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2025: (Click the icon to view the budgeting information.) C Additional information: a. Direct materials purchases are paid 50% in the quarter purchased and 50% 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, 2024 are paid in the first quarter of 2025. Read the requirements. Requirement 1. Prepare Haney Company's budgeted income statement for the first quarter of 2025. Haney Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue $ 307,500 71,700 Cost of Goods Sold Gross Profit 235,800 30,275 Selling and Administrative Expenses Income before Income Taxes 205,525 Income Tax Expense 44,000 161,525 Net Income Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Haney Company Budgeted Balance Sheet March 31, 2025 Assets Common Stock Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Haney Company Post-Closing Trial Balance December 31, 2024 Debit $ Account Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 18,000 18,500 13,000 25,800 110,000 $ 185,300 $ Credit 25,000 8,000 80,000 72,300 185,300 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) $ 307,500 34,000 13,500 2,400 1,500 1,150 71,700 7,500 5,500 1,700 200 15,375 260,000 44,000 35,000 Haney Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2025: (Click the icon to view the budgeting information.) C Additional information: a. Direct materials purchases are paid 50% in the quarter purchased and 50% 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, 2024 are paid in the first quarter of 2025. Read the requirements. Requirement 1. Prepare Haney Company's budgeted income statement for the first quarter of 2025. Haney Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue $ 307,500 71,700 Cost of Goods Sold Gross Profit 235,800 30,275 Selling and Administrative Expenses Income before Income Taxes 205,525 Income Tax Expense 44,000 161,525 Net Income Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Haney Company Budgeted Balance Sheet March 31, 2025 Assets Common Stock Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Haney Company Post-Closing Trial Balance December 31, 2024 Debit $ Account Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 18,000 18,500 13,000 25,800 110,000 $ 185,300 $ Credit 25,000 8,000 80,000 72,300 185,300 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) $ 307,500 34,000 13,500 2,400 1,500 1,150 71,700 7,500 5,500 1,700 200 15,375 260,000 44,000 35,000
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Haney Budgeted I Balmpany Sheet Manch 31 2025 Assets Current Assets Cash Account Receivable Raw ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
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