Cooke Company has the following post-closing trial balance on December 31, 2018: (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.) Requirement 1. Prepare Cooke Company's budgeted income statement for th st quarter of 2019. Dala 1 Cooke Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Account Selling and Administrative Expenses Income before income Taxes Income Tax Expense Cash Accounts Net Income Raw Mate Requirement 2. Prepare Cooke Company's budgeted balance sheet as of March 31, 2019. Cooke Company Budgeted Balance Sheet March 31, 2019 Assets sets Finished Eauipmen Accumula Accounts Common Retained E Totals counts Receivable Enter any number in the edit fields and then continue to the next question 2019. i Data Table - X Cooke Company Post-Closing Trial Balance December 31, 2018 Account Debit Credit Cash 32.000 Accounts Receivable 25.400 14.000 145.000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock 85.000 72.800 Retained Earnings Totals 242,100 $ 242 100 Print Done b. Additional information: a 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, 2018 are paid in the first quarter of 2019. Read the requirements C. - X Data Table 3 306,500 33.000 14.500 ance 8 2.400 Debit Credit 000 32,000 25,400 14.000 1.000 71.400 Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead cost Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capita expenditures additional equipment 25,700 145,000 14.000 2.500 70,000 1.200 14.500 200 85.000 72.000 9.193 200.500 51.000 242, 1005 242.100 38 000 Print Done Requirement 2. Prepare Cooke Company's budgeted balance sheet as of March 31, 2019. Cooke Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash Accounts Receivable MINI Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment Less: Accumulated Depreciation II Total Assets Liabilities x Current ab 4coothis able Stockholders' Equity Common Shock Cooke Company has the following post-closing trial balance on December 31, 2018: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting informati E (Click the icon to view the budgeting information.) March 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets I II Liabilities Curren: lities Focounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter any number in the edit fields and then continue to the next