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Irwin Company has the following post-closing trial balance on December 31, 2018 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 2019 (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 in the quarter incurred c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019 Read the requirements. Requirement 1. Prepare Irwin Company's budgeted income statement for the first quarter of 2019. Irwin Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue 308000 Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Requirement 2. Prepare Irwin Company's budgeted balance sheet as of March 31, 2019 Enter any number in the edit fields and then continue to the next question - X i Data Table Irwin Company Post-Closing Trial Balance December 31, 2018 Account Debit Credit Cash $ 35,000 Accounts Receivable 17,900 13,000 25,000 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 140,000 old $ 25,000 11,600 ni Common Stock 120,000 74.300 co Retained Earnings en $ 230,900 $ 230,900 Totals Pd Print Done BA 308,000 36,000 11,500 2,500 1,500 1,450 w 71,800 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) 7,500 5,000 1,500 100 3,080 260,000 48,000 44,000 Requirement 2. Prepare Irwin Company's budgeted balance sheet as of March 31, 2019. Irwin Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash Accounts Receivable 65900 13000 6150 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, plant and Equipment Equipment Irwin Company has the following post-closing trial balance on December 31, 2018 (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 2019 (Click the icon to view the budgeting information.) Additional information a. Direct materials purcha purchased and 50% in b. Direct labor, manufactur administrative costs, and the quarter incurred C. Accounts payable at Dec first quarter of 2019 Read the requirements 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 Enter any number in the edit Dields and then continue to the next question Previous Type here to search
