Additional? information:

	Direct materials purchases are paid 50?%in the quarter purchased and 50?% in the next quarter.
	Direct? labor, manufacturing? overhead, selling and administrative? costs, and income tax expense are paid in the quarter incurred.

a. Please prepare Haney Company's budgeted income statement for the first quarter of 2017.

Haney Company

Budgeted Income Statement

For the Quarter Ended March 31, 2017

Sales Revenue ?

Cost of Goods Sold ?

Gross Profit ?

Selling and Administrative Expenses ?

Income before Income Taxes ?

Income Tax Expense ?

Net Income ?

b. Please, prepare Haney ?Company's budgeted statement of cash flows for the first quarter of 2017.

Haney Batting Company

Budgeted Statement of Cash Flows

For the Quarter Ended March 31, 2017

Operating Activities:

Cash receipts from customers ?

Cash payments for operating expenses (?)

Cash payments for income taxes (?)

Net cash provided by (used for) operating activities ?

Investing Activities:

Cash payments for equipment purchases (?)

Net cash used for investing activities (?)

Financing Activities:

Net cash provided by (used for) financing activities 0

Net increase (decrease) in cash ?

Cash balance, January 1, 2017 ?

Cash balance, March 31, 2017 ?

c. Please prepare Haney Company's budgeted balance sheet as of March 31?,2017.

Data Table Haney Company Post-Closing Trial Balance December 31, 2016 Account Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit Credit 30,000 21,600 16,000 25,900 125,000 S 60,000 14,500 70,000 74,000 $ 218,500$ 218,500 Table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs $ 305,500 30,000 10,000 Variable manufacturing overhead Depreciation Insurance and property taxes 2,100 1,100 1,050 71,800 Budgeted cost of goods sold Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 13,000 3,500 1,100 300 12,220 264,000 42,000 40,000 Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment)