Bradley Company has the following post-closing trial balance on December 31, 2018: E (Click the icon to view the post-dosing 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 budgeting information.) Additional information: a. 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. c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. i Data Table - X Requirement 1. Prepare Bradley Company's budgeted income statement for the first quarter of 2019. 305.000 32,000 12,500 Bradley Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue $ 305,000 Cost of Goods Sold 72,000 Gross Profit 233.000 Selling and Administrative Expenses 25.900 Income before Income Taxes 207,100 Income Tax Expense 41.000 $ 166,100 Net Income 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 2.100 1.300 1.350 72,000 Requirement 2. Prepare Bradley Company's budgeted balance sheet as of March 31, 2019, Rent expense Bradley Company Budgeted Balance Sheet March 31, 2019 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 7.000 2,000 1.100 550 15,250 263,500 41,000 Enter any number in the edit fields and then click Check Answer. All parts showing 43,000 Final Check Requirement 2. Prepare Bradley Company's budgeted balance sheet as of March 31, 2019. Bradley Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 11,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current liabilities: vuur Accounts Receivable Raw Materials Inventory 11,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity $ Common Stock 150,000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity P22-40A (book/static) Question Help Bradley Company has the following post-closing trial balance on December 31, 2018: (Click the loon 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 budgeting information.) Additional information: a. 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 Bradley Company's budgeted income statement for the first quarter of 2019. Data Table Bradley Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue S 305,000 72,000 Cost of Goods Sold Gross Profit 233,000 Selling and Administrative Expenses 25,900 Income before Income Taxes 207,100 41,000 Income Tax Expense S 166.100 Net Income Credit Bradley Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash 15,000 Accounts Receivable 23,200 Raw Materials Inventory 11,000 Finished Goods Inventory 25,900 Equipment 125,000 Accumulated Depreciation Accounts Payable Common Stock Requirement 2. Prepare Bradley Company's budgeted balance sheet as of March 31, 2019. S Bradley Company Budgeted Balance Sheet March 31, 2019 35,000 13,600 150,000 1,500 200,100 Retained Earings $ 200,100 $ Totals Enter any number in the edit fields and then click Check Answer. barts showing Print Done Final Check