Cooke Company has the following post-closing trial balance on December 31, 2024 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 2025 Click the icon to view the budgeting information) Additional information: 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, 2024 are paid in the fest quarter of 2025 Read the requirements requirement. PLOOMI Panty > MOTOR FOX Intern US Cooke Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue $ 305,500 Cost of Goods Sold 71.000 Gross Profit 234,500 Seling and Administrative Expenses 30,775 Income before Income Taxes 203.725 Income Tax Expense 43.000 Not Income 160,725 Requirement 2. Prepare Cooke Company's budgeted balance sheet as of March 31, 2025 Cooke Company Budgeted Balance Sheet March 31, 2025 Assets Current Assets Cash Accounts Receivable Raw Materials inventory Finished Goods inventory Total Current Assets Property, plant, and Equipment Equipment LO: Accumulated Deprecation Total Assets Liabilities Contents Accounts Payable Stockholders' Equity Common Stod Ratained Earnings Total Stockholders' Equity Yo Labies and Stockholders' Equity 305,500 39,000 10,000 2,400 700 1,200 71,000 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 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 9,000 4,500 1,700 300 15,275 260,000 43,000 34,000 Cooke Company Post-Closing Trial Balance December 31, 2024 Account Debit Credit $ 14,000 17,900 10,000 26,000 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock 140,000 $ 70,000 9,000 90,000 Retained Earnings 38,900 $ Totals 207,900 $ 207,900