1. Prepare Mata Company's budgeted income statement for the first quarter of 2017.

2. Prepare Mata Company's budgeted statement of cash flows for the first quarter of 2017.

3. Prepare Mata 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.

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.

Mata Company Post-Closing Trial Balance December 31, 2016 Account Debit Credit Cash 30,000 Accounts Receivable 23,200 Raw Materials Inventory 11,000 Finished Goods Inventory 25,300 Equipment 110,000 Accumulated Depreciation 10,000 Accounts Payable 10,500 Common Stock 70,000 109,000 Retained Earnings 199,500 $ 199,500 Totals A Budgeted total sales, all on account 306,500 Budgeted direct materials to be purchased and used 30,000 Budgeted direct labor cost 13,000 Budgeted manufacturing overhead costs: Variable manufacturing overhead 2,100 Depreciation 700 Insurance and property taxes 1,050 Budgeted cost of goods sold 71,000 Budgeted selling and administrative expenses: Salaries expense 13,000 Rent expense 4,000 Insurance expense 1,100 Depreciation expense 450 Supplies expense 6,130 Budgeted cash receipts from customers 261,000 Budgeted income tax expense 48,000 Budgeted purchase and payment for capital expenditures (additional equipment) 44,000 EA