Haney Company has the following post-closing trial balance on December 31, 2018: E: (Click the icon to view the post-closing trial balance.) a. 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: 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. Read the requirements Requirement 1. Prepare Haney Company's budgeted income statement for the first Data Table i Haney Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue Haney Company Post-Closing Trial Balance December 31, 2018 Cost of Goods Sold Gross Profit Account Debit Credit Cash $ 45,000 Selling and Administrative Expenses Income before Income Taxes Accounts Receivable 22,800 Income Tax Expense Raw Materials Inventory 12,000 Finished Goods Inventory 25,800 Net Income Equipment 150,000 Requirement 2. Prepare Haney Company's budgeted balance sheet as of March 31 Accumulated Depreciation $ 45,000 Haney Company Accounts Payable Common Stock 15,200 70,000 125,400 Enter any number in the edit fields and then continue to the next question. Retained Earnings $ 255,600 $ 255,600 Totals Question Help - X Data Table Haney Company has the following post-closing trial balance on December 31, 2018: (Click the icon to view the post-closing trial balance.) paid in the quarter The company's accounting department has gathered the following budgeting information for the first quarter of 2019: E (Click the icon to view the budgeting information.) $ 309,000 39,000 nequr CmCIL 2. Prepare money companys vuugeleu vaianice meer as ur van JT, ZUTY. 10,000 Haney Company Budgeted Balance Sheet 2,000 March 31, 2019 1,400 Assets 1,000 71,000 Current Assets: Cash 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 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) Accounts Receivable 14,000 Raw Materials Inventory 3,000 Finished Goods Inventory 1,400 400 Total Current Assets 12,360 263,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 45,000 42,000 Total Assets Enter any number in the edit fields and then continue to the next question. Print Done Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity