a. Vinson Company has the following post-closing trial balance on December 31, 2018: (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 2019: 5 Click the icon to view the budgeting information.) Additional information: Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. Read the requirements. Requirement 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2019. Vinson Company Data Table Data Table Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue $ 309,500 Cost of Goods Sold 35,000 Vinson Company Post-Closing Trial Balance December 31, 2018 Gross Profit 11,000 Account Debit Credit Selling and Administrative Expenses Income before Income Taxes 2,600 Cash $ 10,000 Income Tax Expense 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 900 Accounts Receivable 18,500 1,150 Net Income 13,000 71,300 25,300 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 140,000 7,500 4,500 $ 30,000 9,000 Insurance expense 1,700 Common Stock 90,000 600 Retained Earnings 77,800 6,190 Enter any number in the edit fields and then click $ 206,800 $ 206,800 Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 264,500 Totals 47,000 1 Pemaining 1 34,000 Print Done