Langley Company has the following post-closing trial balance on December 31, 2024: E (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 2025: (Click the icon to view the budgeting information.) Additional information: a. 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. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements CE Requirement 2. Prepare Langley Company's budgeted balance sheet as of March 31, 2025. Langley Company Budgeted Balance Sheet March 31, 2025 Assets Current Assets: Cash Accounts Receivable TII Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Data Table Langley Company has the following post-closing trial balance on December 31, 2024: (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 2025: (Click the icon to view the budgeting information.) $ 309.000 38,000 11,500 2.000 1,400 1.400 Langley Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue S 309,000 Cost of Goods Sold 71,300 Gross Profit 237,700 Selling and Administrative Expenses 28,010 Income before Income Taxes 209,690 Income Tax Expense 45.000 Net Income S 163,690 71,300 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) 13.000 1,000 1,500 150 12.360 Requirement -X Requirements . 265,000 46.000 39,000 1. Prepare Langley Company's budgeted income statement for the first quarter of 2025. 2. Prepare Langley Company's budgeted balance sheet as of March 31, 2025. Current Assets Cash Print Done Print Done Help Me X Jer. Langley Company has the following post-closing trial balance on December 31, 2024: (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 2025: (Click the icon to view the budgeting information.) Data Table hse BRO Credit Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, plant, and Equipment: Equipment Less: Accumulated Depreciation Langley Company Post-Closing Trial Balance December 31, 2024 Account Debit Cash $ $ 20,000 Accounts Recelvable 21,600 Raw Materials Inventory 14,000 Finished Goods Inventory 25,400 Equipment 130,000 Accumulated Depreciation $ Accounts Payable Common Stock Retained Earnings $ Totals 211,000 $ 70,000 15,200 Total Assets Liabilities 80,000 45.800 Current Liabilities: Accounts Payable 211,000 Stockholders' Equity Common Stock Retained Earings Print Total Stockholders' Equity Done Total Liabilities and Stockholders' Equity
