PM7-40A (similar to) Question Help Mata Company has the following post-closing trial balance on December 31, 2024: B (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 2025: Click the icon to view the budgeting information.) Additional information: Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. c. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements Requirement 1. Prepare Mata Company's budgeted income statement for the first quarter of 2025. i Data Table Data Table Mata Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue S 306,500 31,000 Mata Company Cost of Goods Sold Gross Profit 14.000 Post-Closing Trial Balance December 31, 2024 Debit Selling and Administrative Expenses Income before Income Taxes Account Credit 2.600 $ 40,000 Income Tax Expense 1,500 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 Cash Accounts Receivable Raw Materials Inventory 20,300 1,000 Net Income 12,000 71,100 Finished Goods Inventory 25,200 165,000 6,000 1.000 25,000 Equipment Accumulated Depreciation Accounts Payable Common Stock Requirements 17,300 1.200 Depreciation expense 150 110,000 110,200 6.130 Retained Earnings S 260.000 262,500 $ 1. Prepare Mata Company's budgeted income statement for the first quarter of 2025 2. Prepare Mata Company's budgeted balance sheet as of March 31, 2025. 262,500 Totals Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 46.000 38.000 Print Done Print Done Print Done Enter any number in the edit fields and then click Check