chapter 22 P22-44A balance sheet Ball Company has the following post-closing trial balanoe on December 31, 2018 2RE $111,610 BALL COMPANY Post-Closing Trial Balance December 31, 2018 Debit s 23,000 32,000 Accounts Receivable 15,500 2.400 Prepaid insurance 60,000 Equipment and Fixtures s 10,000 Accumulated Depreciation 24,000 Accounts Payable 6,600 Salaries and Commissions Payable 18,000 Common Stock 74,300 Retained Earnings $ 132.900 132,900 Totals The company's accounting department has gathered the following budgeting information for the first quarter of 2019: 5 121,800 Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account60,400 60,900 Budgeted cost of goods sold Budgeted selling and administrative expenses 6,090 Salaries expense 7,000 Rent expense 4,100 Depreciation expense 600 Insurance expense 400 Budgeted cash receipts from customers 125,840 Budgeted cash payments for merchandise inventory 67.775 Budgeted cash payments for salaries and commissions 14,822 Budgeted income tax expense 5,400 Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Requirements 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. 2 Prepare a budgeted balance sheet as of March 31, 2019