Hinge Company has the following post-closing trial balance on December 31, 2016: (Click the icon to...

    

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Hinge Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budget information.) Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2017. Hinge Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Rent Expense Depreciation Expense Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Data table Account Cash Accounts Receivable Merchandise Inventory Hinge Company Post-Closing Trial Balance December 31, 2016 Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Totals Print $ Debit 20,000 20,000 17,000 1,000 50,000 $ 108,000 $ Done Credit 20,000 20,000 6,400 15,000 46,600 108,000 X Data table Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense Print Done 122,200 60,400 61,100 6,110 6,000 4,500 500 200 125,840 67,925 14,822 4,600 X 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. Print Done - X Hinge Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budget information.) Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2017. Hinge Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Rent Expense Depreciation Expense Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Data table Account Cash Accounts Receivable Merchandise Inventory Hinge Company Post-Closing Trial Balance December 31, 2016 Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Totals Print $ Debit 20,000 20,000 17,000 1,000 50,000 $ 108,000 $ Done Credit 20,000 20,000 6,400 15,000 46,600 108,000 X Data table Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense Print Done 122,200 60,400 61,100 6,110 6,000 4,500 500 200 125,840 67,925 14,822 4,600 X 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. Print Done - X

Answer rating: 100% (QA)

Hinge Company Budgeted Income statement For the quarter ended March 31 2017 Sales Less Cost of Goods ... View the full answer