Additional information: Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Vinson Company has the following post-closing trial balance on December 31, 2024: list K (Click the icon to view the post-closing trial balance.) a. b. 1 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.) C. Read the requirements. 2 3 Requirement 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2025. Vinson Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Data table 4 Sales Revenue 5 5 Data table Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Budgeted total sales, all on account 307,000 Budgeted direct materials to be purchased and used 35,000 Budgeted direct labor cost 10,500 Budgeted manufacturing overhead costs: Variable manufacturing overhead 2,900 Depreciation 1,100 Insurance and property taxes 1,150 Budgeted cost of goods sold 71,200 Budgeted selling and administrative expenses: Salaries expense 9,000 Vinson Company Post-Closing Trial Balance Rent expense Insurance expense Depreciation expense 2,500 1,000 450 December 31, 2024 Supplies expense 15,350 Account Debit Credit Budgeted cash receipts from customers 261,000 Cash $ 14,000 Budgeted income tax expense 42,000 Accounts Receivable 16,700 Budgeted purchase and payment for capital expenditures (additional equipment) 34,000 Raw Materials Inventory 6,000 Finished Goods Inventory 25,300 Equipment 135,000 Accumulated Depreciation $ 60,000 Print Done Accounts Payable 8,000 Common Stock 120,000 9,000 Retained Earnings $ 197,000 $ 197,000 Totals Clear all Check