Huber Company has the following post-closing trial 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) a. Additional information 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. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. Read the requirements C. SE A Post-Closing Trial Balance December 31, 2018 12 Account Debit Credit Cash $ 20,000 Accounts Receivable 15,500 14,000 25,400 140.000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock $ 30,000 10 500 & 50.000 124 400 Retained Earnings $ 214,900 S 214.900 Totals - X Data Table 1 307 500 39,000 13,320 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 2,000 1,500 1,400 71,700 78 13,000 58 3.500 3a 1900 100 8 hu Print Done 1 Data Table ball X no ) 2,000 1,500 dil 1,400 71,700 13,000 Dungereu manoraciuniig overreau CUSIS 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 customersh Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 3,500 1.900 7 17 100 5a 15,375 39 264.000 48.000 34.000 80 Print Done Huber Company has the following post-closing trial balance on Dec (Click the icon to view the post-closing trial balance.) ) The company's accounting department has gathered the following 2019 E: (Click the icon to view the budgeting information.) Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue 307500 71700 Cost of Goods Sold Gross Profit 235800 33875 Selling and Administrative Expenses Income before Income Taxes Income Tax Expense 48000 Net Income Requirement 2. Prepare Huber Company's budgeted balance she Enter any number in the edit fields and then continue to the ne Huber Company has the following post-closing trial balance on December 31, 21 (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting inf 2019 E: (Click the icon to view the budgeting information.) Huber 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: Enter any number in the edit fields and then continue to the next question. Huber Company has the following post-closing trial balance on December 31, (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting ir 2019: E (Click the icon to view the budgeting information.) Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Enter any number in the edit fields and then continue to the next question Huber Company has the following post-closing trial 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 inform 2019 (Click the icon to view the budgeting information.) Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter any number in the edit fields and then continue to the next