Help me please!
Sharpe Company has the following post-closing trial balance on December 31, 2018 (Click the icon to view the post-closing trial balance.) Additional information: a. Direct materials purchases are paid 70% in the quarter purchased and 30% 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. 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.) Read the requirements Requirement 1. Prepare Sharpe Company's budgeted income statement for the first quarter of 2019. Sharpe Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Snipping Tool Sales Revenue New D Mode Delay X Cancel Options Cost of Goods Sold Gross Profit Select the snip mode using the Mode button or click the New button. Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Snipping Tool is moving... In a future update, Snipping Tool will be moving to a new home. Try improved features and snip like usual with Snip & Sketch (or try the shortcut Windows logo key + Shift + S). Net Income Requirement 2. Prepare Sharpe Company's budgeted balance sheet as of March 31, 2019 Sharpe Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets liabilities 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' Equity Data Table - X - Credit Sharpe Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash $ 18,000 Accounts Receivable 20,000 Raw Materials Inventory 6,000 Finished Goods Inventory 25,700 Equipment 160,000 Accumulated Depreciation $ Accounts Payable Common Stock Retained Earnings $ Totals 229,700 $ 45,000 15,200 60,000 109,500 229,700 Print Done x Data Table $ 305,500 31,000 11,500 2,300 500 1,300 71,800 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) 7,500 4,500 1,400 150 9,165 264,000 49,000 42,000 Print Done
