Let me know if you have any questions.

Little Company has the following post-closing trial balance on December 31, 2018: Additional information: Click the icon to view the post-closing trial balance.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budget information.) Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Little Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Gross Profit Selling and Administrative Expenses Total Selling and Administrative Expenses Operating Income (Loss)Little Company has the following post-closing trial balance on December 31, 2018: Additional information: Click the icon to view the post-closing trial balance.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. The company's accounting department has gathered the following budgeting information for the first quarter of 2019: EF(Click the icon to view the budget information.) Read the requirements Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) Requirement 2. Prepare a budgeted balance sheet as of March 31, 2019. Little Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets:Little Company has the following post-closing trial balance on December 31, 2018: Additional information: Click the icon to view the post-closing trial balance.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budget information.) Read the requirements Requirement 2. Prepare a budgeted balance sheet as of March 31, 2019. Little Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Total Current Assets Property, Plant, and Equipment Total AssetsData Table - X Budgeted total sales, all on account $ 121,200 Budgeted purchases of merchandise inventory, all on account 61,500 Budgeted cost of goods sold 60,600 Budgeted selling and administrative expenses: Commissions expense 6,060 Salaries expense 7,500 Rent expense 4,600 Depreciation expense 500 Insurance expense 200 Budgeted cash receipts from customers 126,450 Budgeted cash payments for merchandise inventory 67,925 Budgeted cash payments for salaries and commissions 14,778 Budgeted income tax expense 4,500 Print Done