only need help for Requirement $3$

Sosa Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budgeting information.) Requirement l. Prepare Sosa Company's budgeted income statement for the first quarter of 2017. Sosa Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Additional information: b. Read the Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter, Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income $ 305,500 71 ,200 234,300 16,355 217,945 46 ooo s 171,945 Requirement 2. Prepare Sosa Company's budgeted statement of cash flows for the first quarter of 2017. (Enter a use of cash with a minus sign or parentheses. Complete all input boxes. Enter a "O" for any zero balances.) Sosa Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 Operating Activities: Cash receipts from customers Cash payments for operating expenses Cash payments for income taxes Net cash provided by (used for) operating activities Investing Activities: Cash payments for equipment purchases Net cash used for investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 Cash balance, March 31, 2017 $ 263,500 (71,105) (46,000) (39,000) 146,395 (39,000) 107,395 15,000 122,395 Requirement 3. Prepare Sosa Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement ofcash flows prepared in Requirement 2 to determine the Cash balance. Sosa Company Budgeted Balance Sheet March 31, 2017 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 122,395 305500 13,000 25800 179,000 Total Assets Current Liabilities: Accounts Payable Common Stock Retained Eamings Liabilities Stockholders' Equity $ 100,000 209,645 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 466695 580095 20700 309.645 330345