1. Prepare Puckett Company's budgeted income statement for the first quarter of 2019 Puckett Company Post-Closing Trial Balance December 31, 2018 2. Prepare Puckett Company's budgeted balance sheet as of March 31, 2019. Puckett Batting Company Budgeted Income Statement For the Quarter Ended March 31, 2019 ccount Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit Credit 5 18,000 17,900 15,000 25,700 160,000 Sales Revenue Cost of Goods Sold Gross Profit Selling and A Income before Income Taxes Income Tax Expense Net Income 0,000 15,200 85,000 76,400 236,600 5 236,600 $ Puckett Batting Company Budgeted Balance Sheet March 31, 2019 Assets Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs 308,000 31,000 13,320 Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory 2,800 600 1,000 71,960 Variable manufacturing overhead Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses Total Current Assets Property, Plant, and Equipment: 8,000 5,000 1,000 450 9,240 263,000 44,000 36,000 Salaries expense Rent expense Insurance expense Equipment Less: Accumulated Depreciation Total Assets expense Liabilities Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity