lomework: Ch 07 HW Problem Save core: 0 of 8 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 8 pt V7-40A (similar to) Question Help C a. inson Company has the following post-closing trial balance on December 31, 2024 Click the icon to view the post-closing trial balance.) he company's accounting department has gathered the following budgeting information for the first quarter of 025 (Click the icon to view the budgeting information.) Additional information: Direct materials purchases 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. c. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Budgeted Income Statement For the Quarter Ended March 31, 2025 Fales Revenue Cost of Goods Sold Gross Profit elling and Administrative Expenses ncome before Income Taxes ncome Tax Expense Jet Income ter any number in the edit fields and then click Check Answer. part remaining Clear All Check Answer 307,000 35,000 11,000 2,500 1,400 1,200 71,000 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) 11,000 3,500 1,400 300 9,210 261,500 42.000 45,000 Data Table Requirements December 31, 2024 Debit Account Credit 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2025 2. Prepare Vinson Company's budgeted balance sheet as of March 31, 2025. Cash S 45,000 Accounts Receivable 25,400 Print Done 16,000 25,500 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 150,000 $ 50,000 10,500 Common Stock 140,000 Retained Earnings 61,400 $ 261,900 $ 261,900 Totals Print Done Clear All CI