2024 a Huber Company has the following post-closing trial balance on December 31, 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.) CODE Additional information: 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 Read the requirements GO Requirement 1. Prepare Huber Company's budgeted income statement for the first quarter of 2025 Huber Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Seling and Administrative Expenses Income before Income Taxes Income Tax Expense Not Income W Problem Question 1, PM7-40A (similar to HW Score: 0%, 0% Data table d Huber Company Post-Closing Trial Balance December 31, 2024 D ud Account Debit Credit Cash $ 32,000 Accounts Receivable 26,200 12,000 Raw Materials Inventory Finished Goods Inventory 25,500 mo 110,000 he $ 50,000 ed Equipment Accumulated Depreciation Accounts Payable Common Stock 15,200 100,000 40,500 Retained Earnings $ 205,700 $ 205,700 Totals bens Print Done Data table $ 307,000 39,000 11,500 2,600 1,100 1,250 71,700 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) 6,000 9 1,500 1,000 450 15,350 265,000 44,000 39.000 nie CO ng Print Done Iv This Etext pages Get more help Crear al sing trial balance on December 31, trial balance.) es gathered the following budgeting 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 information.) Read the requirements - X Requirements 1. Prepare Huber Company's budgeted income statement for the first quarter of 2025. 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2025. Print Done