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W PM7-40A (similar to) -X Data Table Vang Company has the following post-closing trial balance on December 31, 202 (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting info Click the icon to view the budgeting information.) ional information: Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter. 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. Vang Company Post-Closing Trial Balance December 31, 2024 - X Data Table Current Assets: Cash $ Account Debit Credit Accounts Receivable Raw Materials Inventory 121,820 58,700 15,000 6.290 14,000 $ Cash 306,500 36,000 Accounts Receivable 16,700 $ Raw Materials Inventory 12,000 201,810 15,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 25,600 2,700 110,000 148,000 (21,300 Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 900 126,700 $ Less: Accumulated Depreciation 20,000 1,050 328,510 14,500 Total Assets 71,960 Common Stock Liabilities 110,000 36,800 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) Current Liabilities: Retained Earnings 8,000 $ $ 181,300 18,000 Accounts Payable 181,300 $ Totals 4,500 1,800 Common Stock Stockholders' Equity $ 110,000 200,510 Requirements 400 Retained Earnings 6,130 Total Stockholders' Equity 310,510 $ 328,510 264,500 50,000 38,000 1. Prepare Vang Company's budgeted income statement for the first quarter of 2025 2. Prepare Vang Company's budgeted balance sheet as of March 31, 2025. Total Liabilities and Stockholders' Equity This question is complete. Move your cursor over or tap on the red arrows W PM7-40A (similar to) -X Data Table Vang Company has the following post-closing trial balance on December 31, 202 (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting info Click the icon to view the budgeting information.) ional information: Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter. 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. Vang Company Post-Closing Trial Balance December 31, 2024 - X Data Table Current Assets: Cash $ Account Debit Credit Accounts Receivable Raw Materials Inventory 121,820 58,700 15,000 6.290 14,000 $ Cash 306,500 36,000 Accounts Receivable 16,700 $ Raw Materials Inventory 12,000 201,810 15,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 25,600 2,700 110,000 148,000 (21,300 Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 900 126,700 $ Less: Accumulated Depreciation 20,000 1,050 328,510 14,500 Total Assets 71,960 Common Stock Liabilities 110,000 36,800 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) Current Liabilities: Retained Earnings 8,000 $ $ 181,300 18,000 Accounts Payable 181,300 $ Totals 4,500 1,800 Common Stock Stockholders' Equity $ 110,000 200,510 Requirements 400 Retained Earnings 6,130 Total Stockholders' Equity 310,510 $ 328,510 264,500 50,000 38,000 1. Prepare Vang Company's budgeted income statement for the first quarter of 2025 2. Prepare Vang Company's budgeted balance sheet as of March 31, 2025. Total Liabilities and Stockholders' Equity This question is complete. Move your cursor over or tap on the red arrows
