Data Table In: Mata Company has the following post-closing trial balance (Click the icon to view the post-closing trial balance.) ials purchases are paid 60% in the quarter purchased and 40% in the next quarter. manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter The company's accounting department has gathered the f (Click the icon to view the budgeting information.) Mata Company Post-Closing Trial Balance yable at December 31, 2024 are paid in the first quarter of 2025. nts December 31, 2024 Debit Account Credit Requirement 1. Prepare Mata Company's budgeted incor Cash $ 10,000 Data Table Accounts Receivable 25,400 14,000 $ 25,400 305,500 33,000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 110,000 14,500 $ Mata Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue $ 305,500 Cost of Goods Sold 71,960 Gross Profit 233,540 Selling and Administrative Expenses 27,770 Income before Income Taxes 205,770 Income Tax Expense 47,000 $ 158,770 Net Income 60,000 10,500 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: 2,400 Common Stock 900 80,000 34,300 Retained Earnings 1,150 71,960 $ 184,800 $ 184,800 Totals Salaries expense 10,000 Requirements Rent expense 3,500 Print Done Insurance expense 1,700 350 1. Prepare Mata Company's budgeted income statement for the first quarter of 2025. 2. Prepare Mata Company's budgeted balance sheet as of March 31, 2025. Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 12,220 262,000 47.000 35,000 a. Additional information: Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. C. Requirement 2. Prepare Mata Company's budgeted balance sheet as of March 31, 2025. Mata Company Budgeted Balance Sheet March 31, 2025 Assets Current Assets Cash 114230 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total liabilities and Stockholders' Fauity
