Croft 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 information for the first quarter of 2019: (Click the icon to view the budget information.) Points: 0 of 30 Additional information: Save Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Croft Company Budgeted Income Statement For the Quarter Ended March 31, 2019 ages Gross Profit Selling and Administrative Expenses: Get more help MacBook Clear all Check answer K Croft Compa (Click the The compan information f (Click th Data table Croft Company Post-Closing Trial Balance December 31, 2018 Requiremen Prepaid Insurance Account Cash Accounts Receivable Merchandise Inventory Equipment and Fixtures Accumulated Depreciation Debit Credit $ 20,000 18,000 14,000 2,200 34,000 $ 14,000 Accounts Payable Salaries and Commissions Payable 22,000 6,400 Gross Profit Common Stock Selling and A Retained Earnings 17,000 28,800 $ 88,200 $ 88,200 Etext pages Get more merp Totals Print Done X 3:0 of 30 ation: tax expenses are paid as incu the prepaid amount ments. Clear all Croft Com (Click The comp informatio (Click Data table Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold $ 121,200 60,200 60,600 Requirem Salaries expense Budgeted selling and administrative expenses: Commissions expense 6,060 8,000 Rent expense 4,800 Depreciation expense 800 Insurance expense 500 Budgeted cash receipts from customers 126,560 Gross Pro Selling ar Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions 68,650 14,484 Budgeted income tax expense 4,600 ges Get more help Print Done - Xon: x expenses are paid prepaid amount. ents. Clear all company's accounting department has gathered the following budgeting rmation for the first quarter of 2019: (Click the icon to view the budget information.) an expiration of the prepaid amou Read the requirements. Requirements quir 1. 2. OSS lling Prepare a budgeted income statement for the quarter ended March 31, 2019. Prepare a budgeted balance sheet as of March 31, 2019. Get more help Print Done -X C Free Company has the following post-closing trial balance on December 31, 2018: Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Free Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue Cost of Goods Sold Additional information: Gross Profit Selling and Administrative Expenses: Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Total Selling and Administrative Expenses Operating Income (Loss) Income Tax Expense Net Income (Loss) ges Get more help MacBook Clear all Check ans (Click the icon to view the budget information.). Read the requirements. Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment Equipment and Fixtures Less: Accumulated Depreciation Total Assets ext pages Get more help MacBook Cle Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity pages Get more help MacBook 92,404