P22-44A Preparing a financial budget-budgeted income statement and balance sheet Ball Company has the following post-closing trial balance on December 31, 2018: BALL COMPANY Post-Closing Trial Balance December 31, 2018 Credi Account Cash Debit $ 23,000 32,000 15,500 2,400 60,000 Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Totals $ 10,000 24,000 6,600 18,000 74,300 $ 132,900 $ 132,900 The company's accounting department has gathered the following budgeting information for the first quarter of 2019: $ 121,800 60,400 60,900 Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 6,090 7,000 4,100 600 400 125,840 67,775 14,822 5,400 Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Requirements 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. 2. Prepare a budgeted balance sheet as of March 31, 2019