Puckett Company has the following post-closing trial balance on December 31, 2016 EE (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 (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid i Post-Closing Trial Balance December 31, 2016 the quarter incurred Account Debit Credit Read the requirements as Accounts Receivable Raw Materials Inventory Finished Goods Inventory 25,000 17,900 14,000 25,300 130,000 Requirement 1. Prepare Puckett Company's budgeted income statement for the first quarter of 2017 Puckett Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings 40,000 11,600 50,000 110,600 S 212,200 S 212,200 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes ncome Tax Expense Net Income Requirement 2. Prepare Puckett 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 "for any zero balances. Puckett Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 305,000 32,000 10,500 ted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs Operating Activities Cash receipts from customers Cash payments for operating expenses Cash payments for income taxes Net cash provided by (used for) operating activities nvesting Activities: Cash payments for equipment purchases Net cash used for investing activities inancing Activities Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 Cash balance, March 31, 2017 equirement 3. Prepare Puckett Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance Variable manufacturing overhead Depreciation Insurance and property taxes 1,400 Budgeted cost of goods sold Budgeted selling and administrative expenses s expense 10,000 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 265,000 41,000 36,000 Puckett Company Budgeted Balance Sheet March 31, 2017 Assets Current Assets as Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Puckett Company has the following post-closing trial balance on December 31, 2016 EE (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 (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid i Post-Closing Trial Balance December 31, 2016 the quarter incurred Account Debit Credit Read the requirements as Accounts Receivable Raw Materials Inventory Finished Goods Inventory 25,000 17,900 14,000 25,300 130,000 Requirement 1. Prepare Puckett Company's budgeted income statement for the first quarter of 2017 Puckett Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings 40,000 11,600 50,000 110,600 S 212,200 S 212,200 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes ncome Tax Expense Net Income Requirement 2. Prepare Puckett 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 "for any zero balances. Puckett Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 305,000 32,000 10,500 ted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs Operating Activities Cash receipts from customers Cash payments for operating expenses Cash payments for income taxes Net cash provided by (used for) operating activities nvesting Activities: Cash payments for equipment purchases Net cash used for investing activities inancing Activities Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 Cash balance, March 31, 2017 equirement 3. Prepare Puckett Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance Variable manufacturing overhead Depreciation Insurance and property taxes 1,400 Budgeted cost of goods sold Budgeted selling and administrative expenses s expense 10,000 Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 265,000 41,000 36,000 Puckett Company Budgeted Balance Sheet March 31, 2017 Assets Current Assets as Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable