Puckett

Company has the following post-closing trial balance on

December

31,

2024:

LOADING...

(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:

LOADING...

(Click the icon to view the budgeting information.)

...

Question content area top right

Part 1

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 in the quarter incurred.
c.	Accounts payable at December 31, 2024 are paid in the first quarter of 2025.

Budgeted Balance Sheet March 31, 2025 Assets Current Assets: Cash 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 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity