Additional information: Croft 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: (Click the icon to view the budget information.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Croft Company Budgeted Income Statement For the Quarter Ended March 31, 2019 - X Requirements Gross Profit Selling and Administrative Expenses: 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. 2. Prepare a budgeted balance sheet as of March 31, 2019. Print Done Total Selling strative Expenses Operating Income (Loss) Net Income (Loss) Choose from any list or enter any number in the input fields and then click Check Answer. Croft Company has the following post-closing trial balance on December 31, 2018: Additional information: - X - X Data Table Data Table $ 121,500 60,300 60,750 Croft Company Post-Closing Trial Balance December 31, 2018 Debit Account Credit Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense Salaries expense Rent expense Depreciation expense 6,075 Cash $ 27,000 7,500 15,000 4,200 14,500 400 1,300 Insurance expense 200 42,000 126,120 Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock $ 26,000 68,425 Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 21,000 14,544 6,200 5,500 17,000 29,600 Retained Earnings $ 99,800 $ 99,800 Totals Print Done TELTICOMIC (CUSS) Print Print Done Choose from any list or enter any number in the input fields and then click Check Answ Additional information: Croft 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: E (Click the icon to view the budget information.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Croft Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Cost of Goods Available for Sale Cost of Goods Sold Commissions Expense Depreciation Expense Income Tax Expense Insurance Expense Purchases Rent Expense he input fields and then click Check Answer. Salaries Expense Sales Revenue Get More Help Clear All Check Answer Question 5, P22-44A (si... Part 1 of 3 Cost of Goods Available for Sale Addit Cost of Goods Sold al balance on December 31, 2018: Jalance.) Rent Commissions Expense the pr ered the following budgeting information for ..... Read Depreciation Expense n.) Income Tax Expense tement for the quarter ended March 31, 2019. Insurance Expense Purchases nt 1, 2019 Rent Expense Salaries Expense Sales Revenue Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss)
