1=1 Homework: MA Ch 7 MAL #2 Question 13, P (similar t Part 1 of 3 Dump 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 budget information.) Question 13, PM7-53B (similar to) ecember 31, gbudgeting Part 1 of 3 Requirements HW Score: 65.71%, 13.14 of 20 points O Points: 0 of 1 Additional information: Save Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. - X 1. Prepare a budgeted income statement for the quarter ended March 31, 2025. 2. Prepare a budgeted balance sheet as of March 31, 2025. Print Done Data table Dump Company Post-Closing Trial Balance December 31, 2024 Account Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Totals Debit Credit $ 18,000 21,000 14,500 1,600 61,000 $ 16,000 26,000 6,300 10,000 57,800 $ 116,100 $ 116,100 Print Done the icon to view the p any's accounting dep incurred. Insurance expense is Budgeted total sales, all on account $ 122,200 n for the first quarter d Budgeted purchases of merchandise inventory, all on account 61,200 the icon to view the b Budgeted cost of goods sold 61,100 ble Budgeted selling and administrative expenses: ment 1. Prepare a bud Dum Budgeted For the Quarter Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense 6,110 5,500 4,400 900 400 Budgeted cash receipts from customers 125,980 Budgeted cash payments for merchandise inventory 68,425 Budgeted cash payments for salaries and commissions 15,162 rofit Budgeted income tax expense 4,800 and Administrative Expe Credit Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2025. Dump Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) A Current Assets: Cash Vinson Company Budgeted Balance Sheet March 31, 2025 Assets Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property Plant and Equipment quarter ended Mar Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity