Haney Company has the following post-closing 2018: (Click the icon to view the post closing trial The company's accounting department information for the first quarter of (Click the icon to view th Additional information: a Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter b. Direct Inbot, manufacturing overhead, selling and administrative costs, and income tax expense we paid in the quarter incurred c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. Read the requirements Requirement 2. Prepare Haney of March 31, 2019 Current Assets Incorre to) (4.92/5) Accounts Receivable Raw Materials inventory Finished Goods Inventory Total Current Assets Haney Company has the following post-closing tral 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 budgeting information) Additional information: a. Direct materials purchases are paid 50% in the quarter purchased and 50% 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, 2018 are paid in the first quarter of 2019. tead the requirements 201000 Equipment Less: Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Stockholders' Equity Common Stock to) (4.921 Retained Earings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Data Table purchased and 50% Haney Company has 2018: (Click the icon to The company's accou information for the first (Click the icon to y Inistrative costs, and Budgeted total sales, at on account Budgeted direct materials to be purchased Budgeted direct labor cost Budgeted manufacturing overhead cos 310,000 36,000 11.500 e first quarter of 2019. Equipment LOSS: Accumulated Les Acou are manufacturing overhead Deristi Depreciation Total Assets 2.400 700 1,020 71,600 Current Liabilities: Accounts Payable 7.500 Insurance and property taxes Budgeted cost of goods sold Budgeted selling and adminis Salaries expense Rent expense insurance expense promotion expen Supplies expens Budgeted cash receipts from cust Incorre - Common Stock Retained Exnings Total Stockholders Total Liabilities and 1.500 1.400 350 15.500 Depreciation to) (4.92/5) Stockholm 0 Data Table - X Haney Company has 2018: (Click the icon to purchased and 50% 11,500 nistrative costs, and The company's account information for the first BE (Click the icon to le first quarter of 2019 Equipment Less: Accumulated 2.400 700 1.020 71,600 Total Assets 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 expe Salaries expense Rent expense insurance expense Depreciation expense Supplies expense pense Bidgeted cash receipts from customers Rodgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment Current Liabilities: Accounts Payable Common Stock 7,500 1,500 1.400 350 15.500 262.300 51 000 45.000 Retained Emnings to) (4.92/5) Total Stockholders T bines and Question Help 0 Data Table Haney Company has the following po 2018 (Click the icon to view the post- in the quarter purchased and 50% The company's accounting departme information for the first quarter of 201 (Click the icon to view the budge Aling and administrative costs, and ler incurred. are paid in the first quarter of 2019 Equipment Less: Accumulated Depreciation Credit Total Assets Haney Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash 30,000 Accounts Receivable 20.000 Raw Materials Inventory 16.000 Finished Goods Inventory 25.000 Equipment 150,000 Accumulated Depreciation Accounts Payable Liat Current Liabilities: Accounts Payable Stockhold Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Eq Common Stock 30,000 9,000 60,000 142.000 241 000 Retained Earnings to) (4.92 Totals 241.000 Haney 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) Additional information: a Direct materials purchases are paid 50% in the quarter purcha in the next quarter. b. Direct labor, manufacturing overhead, selling and administrat income tax expense are paid in the quarter incurred. c. Accounts payable at December 31, 2018 are paid in the first qu Read the requirements Requirement 1. Prepare Haney Company's budgeted income statement for the first quarter of 2019 Haney Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenge 310,000 71.600 Cost of Goods Sold Gross Proft 238.400 26.250 Selling and Administrative Expenses income before income Taxes. 212.150 Income Tax Expense 51 000 151,150 Net Income