Requirement 2. Prepare a budgeted balance sheet as of March 31, 2025. Grant Company Budgeted Balance Sheet March 31, 2025 Assets Current Assots: Cash Accounts Receivable Merchandise inventory Propaid Insurance Total Current Assets Property. Plant, and Equipment Equipment and Axtures Loss: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock Retained Earings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Grant Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue 122000 61000 Cost of Goods Sold Gross Profit 61000 Selling and Administrative Expenses: Commissions Expense Salaries Expense 6100 8000 Rent Expense 4900 Depreciation Expense 500 Insurance Expense 400 19900 Total Selling and Administrative Expenses Operating Income (Loss) Income Tax Expense 41100 4900 36200 Net Income (Loss) Grant Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount ... Read the requiremen Data table Data table $ 122,000 60,500 Grant Company Post-Closing Trial Balance December 31, 2024 Debit 61,000 Account Credit 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 6.100 Cash $ 26,000 15,000 8,000 4,900 13,500 500 1,500 Insurance expense 400 50,000 Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock 126,340 $ 12,000 17,000 68,275 Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 15,162 7.000 4.900 15,000 Retained Earnings 55,000 - - X $ 106,000 $ 106,000 Requirements Totals 1. Prepare a budgeted income statement for the quarter ended March 31, 2025. 2. Prepare a budgeted balance sheet as of March 31, 2025. Print Done