Data Table Blimp Company Post-Closing Trial Balance December 31, 2018 Credit Debit Account 19,000 Cash 12,000 Accounts Receivable Merchandise Inventory 15,000 Prepaid Insurance 1,100 Equipment and Fixtures 55,000 Accumulated Depreciation 14,000 Accounts Payable 17,000 Salaries and Commissions Payable 6,400 14,000 Common Stock 50,700 Retained Earnings $ 102,100 $ 102,100 Totals Print Done Data Table 1 122,000 Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account 60,500 Budgeted cost of goods sold 61,000 Budgeted selling and administrative expenses: Commissions expense 6,100 Salaries expense 6,500 Rent expense 5,000 700 Depreciation expense Insurance expense 100 Budgeted cash receipts from customers 126,450 67,850 Budgeted cash payments for merchandise inventory 14,396 Budgeted cash payments for salaries and commissions 5,200 Budgeted income tax expense Print Done Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. i 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. Print Done Requirement 2. Prepare a budgeted balance sheet as of March 31, 2019 Blimp Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets 39604 Cash Accounts Receivable 7,550 Merchandise Inventory 82350 1,000 Prepaid Insurance 130504 Total Current Assets Property, Plant, and Equipment Equipment and Fixtures 55,000 40,300 (14,700) Less: Accumulated Depreciation 90204 Total Assets