Additional information: Puckett Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budgeting information.) a. b. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. Direct labor, manufacturing overticad, selling and administrative costs, and income tax expense are paid in the quarter incurred. i Data Table S 309,000 40,000 10,500 2,400 Puckett Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 Operating Activities: Cash receipts from customers $ 261,000 Cash payments for operating expenses 23650 510001 Cash payments for income taxes Net cash provided by (used for) operating activities Investing Activities: Cash payments for equipment purchases 38000 Net cash used for investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 186350 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 500 1,100 71,400 36000 5,000 0 1,000 1,800 400 Cash balance, March 31, 2017 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 15,450 261,000 Enter any number in the edit fields and then click Check Answer. . ? 51,000 36,000 part Jemaining Additional information: Puckett Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budgeting information.) a. b. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. Direct labor, manufacturing overticad, selling and administrative costs, and income tax expense are paid in the quarter incurred. i Data Table S 309,000 40,000 10,500 2,400 Puckett Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 Operating Activities: Cash receipts from customers $ 261,000 Cash payments for operating expenses 23650 510001 Cash payments for income taxes Net cash provided by (used for) operating activities Investing Activities: Cash payments for equipment purchases 38000 Net cash used for investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 186350 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 500 1,100 71,400 36000 5,000 0 1,000 1,800 400 Cash balance, March 31, 2017 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 15,450 261,000 Enter any number in the edit fields and then click Check Answer. . ? 51,000 36,000 part Jemaining
