Haney Company has the following post-closing trial balance on Additional information: December 31, 2018: a. Direct materials purchases are paid 60% in the quarter (Click the icon to view the post-closing trial balance.) purchased and 40% in the next quarter. b. Direct labor, manufacturing overhead, selling and The company's accounting department has gathered the following budgeting information for the first quarter of 2019: administrative costs, and income tax expense are paid in the quarter incurred (Click the icon to view the budgeting information.) c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019 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 Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Innme Enter any number in the edit fields and then click Check Answer i Data Table Haney Company Post-Closing Trial Balance December 31, 2018 Account Debit Credit Cash $ 32,000 Accounts Receivable 26,200 14,000 Raw Materials Inventory Finished Goods Inventory 25,700 115,000 Equipment Accumulated Depreciation Accounts Payable $ 40,000 12,500 Common Stock 90,000 70,400 Retained Earnings $ Totals 212,900 $ 212,900 Print Done Data Table 308,500 38,000 12,000 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 2,800 1,100 1,250 71,800 9,000 3,000 1,900 250 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) 9,255 262,000 42,000 38.000 Til ar Print Done pa i Requirements 1. Prepare Haney Company's budgeted income statement for the first quarter of 2019. 2. Prepare Haney Company's budgeted balance sheet as of March 31, 2019. Print Done