i Data Table X $ 307,500 34,000 11,000 2,800 600 1,450 71,200 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) 10,000 1,000 1,900 200 15,375 260,000 51,000 45,000 Print Done a. Additional information: Direct materials purchases are paid 60% in the quarter purchased and 40% 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. i Requirements X 1. Prepare Huber Company's budgeted income statement for the first quarter of 2019. 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2019. Print Done a 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.) Additional information: Direct materials purchases are paid 60% in the quarter purchased and 40% 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. Requirement 1. Prepare Huber Company's budgeted income statement for the first quarter of 2019. Data Table Huber Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Huber Company Post-Closing Trial Balance Sales Revenue December 31, 2018 Cost of Goods Sold Account Debit Credit Gross Profit Cash $ 10,000 Selling and Administrative Expenses Income before Income Taxes Accounts Receivable 15,500 7,000 Income Tax Expense 25,300 Net Income 160,000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock $ 50,000 10,500 Enter any number in the edit fields and then click Check Answer. 100,000 57,300 ? Retained Earnings $ 217,800 $ 217,800 part remaining Totals Check