1. Prepare Vang Company's budgeted income statement for the first quarter of 2025.
2. PrepareVang Company's budgeted balance sheet as of March 31, 2025.

ACCT-1212-Autumn-21-006-54476 Jeanny Dut & | 12/17/21 10:09 AM | Vang 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.) 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. c Requirement 1. Prepare Vang Company's budgeted income statement for the first quarter of 2025. Data table ata table Vang Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue 307,000 Cost of Goods Sold 71,400 34,000 13,320 Gross Profit 2,500 Credit Selling and Administrative Expenses Income before Income Taxes Income Tax Exponso Net Income 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 1.200 1,200 71,400 Vang Company Post-Closing Trial Balance December 31, 2024 Account Debit Cash $ $ 35,000 Accounts Receivable 16,700 Raw Materials Inventory 7,000 Finished Goods Inventory 25,800 Equipment 110,000 Accumulated Depreciation S Accounts Payable Common Stock 10,000 Rent expense 2,800 25.000 1,600 8.000 250 120.000 12,280 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Retained Earnings 41,500 260,500 43,000 $ 194,500 S 194,500 Help me solve this Etext pages Get more Totals 34,000 ACCT-1212-Autumn-21-006-54476 Jeanny Dut & | 12/17/21 10:09 AM | Vang 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.) 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. c Requirement 1. Prepare Vang Company's budgeted income statement for the first quarter of 2025. Data table ata table Vang Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue 307,000 Cost of Goods Sold 71,400 34,000 13,320 Gross Profit 2,500 Credit Selling and Administrative Expenses Income before Income Taxes Income Tax Exponso Net Income 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 1.200 1,200 71,400 Vang Company Post-Closing Trial Balance December 31, 2024 Account Debit Cash $ $ 35,000 Accounts Receivable 16,700 Raw Materials Inventory 7,000 Finished Goods Inventory 25,800 Equipment 110,000 Accumulated Depreciation S Accounts Payable Common Stock 10,000 Rent expense 2,800 25.000 1,600 8.000 250 120.000 12,280 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Retained Earnings 41,500 260,500 43,000 $ 194,500 S 194,500 Help me solve this Etext pages Get more Totals 34,000