i Data Table -X1 Credit Vinson Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash 18,000 Accounts Receivable 22,800 Raw Materials Inventory 13,000 Finished Goods Inventory 25,200 Equipment 145,000 Accumulated Depreciation $ 65,000 Print Done 308,500 36,000 14,000 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 Rent expense 2,900 1,500 1,050 71,600 13,000 5,500 1200 Print Done 1,500 1,050 71,600 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) 13,000 5,500 1,300 500 6,170 262,300 40,000 41,000 Print Done A Data Table Cash $ Accounts Receivable 18,000 22,800 13,000 25,200 145,000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock 65,000 17,300 100,000 41,700 224,000 Retained Earnings $ 224,000 $ Totals Print Done * Requirements 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2019. 2. Prepare Vinson Company's budgeted balance sheet as of March 31, 2019. Print Done P22-40A (similar to) 3 Question Help Vinson 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 B Click the icon to view the budgeting information.) Additional information: a. 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. c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019, Read the requirements Requirement 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2019 Vinson Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue stad (Click the icon to view the budgeting information) JI, V 10 re pau i D ULUI UI LUI 6. U S payan UUM Read the requirements Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Enter any number in the edit felds and then click Check