CALCULATOR PRINTL R VLRSION Bill Thomas, Bates & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: $49,200 47,970 40,180 6,199 246,000 (61,500 $328,049 $14,760 61,713 82,000 Accountsecivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $328,049 Budgeted revenue Selling and administrative expense Interest expense $1,156,200 218,448 2,772 25,236 822,763 111,930 Cost of Goods Sold Accounts receivable Direct materials Finished goods Acounts payable Notes payable 48,392 27,224 33,620 Additional Information: . Bates & Hill plans to declare and pay dividends totaling $40,180 in January Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $59,040 . Bates & Hill plans to purchase equipment in March at a cost of $49,200 Depreciation for manufacturing overhead $24,600 per month and for selling and administrative $8,200 per month. The company expects a 25% income tax rate, and all quarterly taxes are paid in the first month of the following quarter (a) Your answer is correct. Prepare Bates & Hill's pro-forma income statement for the first quarter. Pro-forma Income Staternent Sales Revenue 1156200 Cost of Goods Sold 822763 ross Margin 333437 218448 Selling & Administrative Ex Operating Income / (Loss) Interest Expense Income Before Taxes Income Tax Expense Net Income (Loss 114989 2772 112217 28054.25 84162.75 HaR S ION HACK Your answer is partially correct. Try again. Prepare Bates & Hill's pro-forma balance sheet as of March 31 Pro forma Balance Sheet Cas 25236 Accounts Receivable 111930 Finished Goods Invento 48392 Direct Materials Inventory Property, Plant & Equipment Accumulated Depreciation 4559 Total Assets Accounts Payable 27224 Taxes Payable Note Payable Common Stock Retained Earnings 33620 82000 Total Liabilities and Equities LINK TO TEXT