UUULOILLION Additional information: Free Company has the following post-closing trial balance on December 31, 2018: BE: (Click the icon to view the post-closing trial balance.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Dead the roomicamente Data Table The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budget information.) 1 Data Table For the Quarter Ended March 31, 2019 - X 121,600 61,100 Gross Profit Selling and Administrative Expenses: Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: 60,800 Credit Commissions expense 6,080 5,000 Salaries expense Rent expense 4,400 800 Free Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash 20,000 Accounts Receivable 19,000 Merchandise Inventory 15,000 Prepaid Insurance 1,500 Equipment and Fixtures 34,000 Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings $ 89,500 $ Totals 400 23,000 Total Selling and Administrative Expenses Operating Income (Loss) Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 126,230 68,725 14,836 5,200 18,000 7,000 21,000 20,500 Net Income (Loss) Choose from any list or enter any number in the input fields and then cd 89,500 Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Free Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) Requirement 2. Prepare a budgeted balance sheet as of March 31, 2019 Free Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity UUULOILLION Additional information: Free Company has the following post-closing trial balance on December 31, 2018: BE: (Click the icon to view the post-closing trial balance.) Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Dead the roomicamente Data Table The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budget information.) 1 Data Table For the Quarter Ended March 31, 2019 - X 121,600 61,100 Gross Profit Selling and Administrative Expenses: Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: 60,800 Credit Commissions expense 6,080 5,000 Salaries expense Rent expense 4,400 800 Free Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash 20,000 Accounts Receivable 19,000 Merchandise Inventory 15,000 Prepaid Insurance 1,500 Equipment and Fixtures 34,000 Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings $ 89,500 $ Totals 400 23,000 Total Selling and Administrative Expenses Operating Income (Loss) Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 126,230 68,725 14,836 5,200 18,000 7,000 21,000 20,500 Net Income (Loss) Choose from any list or enter any number in the input fields and then cd 89,500 Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Free Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) Requirement 2. Prepare a budgeted balance sheet as of March 31, 2019 Free Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity