PLEASE DO ALL REQUIREMENTS WITH CALCULATION

Additional information: Hinge Company has the following post-closing trial balance on December 31, 2016: (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 2017: (Click the icon to view the budget information.) Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2017 Hinge Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Rent Expense Depreciation Expense - Data table Credit Hinge Company Post-Closing Trial Balance December 31, 2016 Account Debit Cash $ 20,000 Accounts Receivable 20,000 Merchandise Inventory 17,000 Prepaid Insurance 1,000 Equipment and Fixtures 50,000 Accumulated Depreciation $ Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings $ Totals 108,000 $ 20,000 20,000 6,400 15,000 46,600 108,000 Print Done - Data table $ 122,200 60,400 61,100 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 6,110 6,000 4,500 500 200 125,840 67,925 14,822 4,600 Print Done - Requirements 1. Prepare a budgeted income statement for the quarter ended March 31, 2017 2. Prepare a budgeted balance sheet as of March 31, 2017. 3. Prepare a budgeted statement of cash flows for the quarter ended March 31, 2017 Print Done