Vang Compary has the 1olowing post-closing tral balance on December 31, 2024 : (Click the icon to view the post-closing trial bulance) The company's sotounting department has gathered the following budgeting intormation for the finst quarer of 2025 . (Click the icon to view the budgeting information] Additonal information: a. Drect matenals purchases are paid 50% in the quarter purchased and 50% in the next quartec: b. Divect labor, manufacturing overhead, solling and adminiatrative costs, and income tax expense are paid in the quanter incurred c. Accounts payable at December 31, 2024 are paid in the first quarter of 2005. Read the resourements Requirements 1. Prepare Vang Company's budgeted income statement for the first quarter of 2025. 2. Prepare Vang Company's budgeted balance sheet as of March 31,2025. 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 Vans Company tas the following post-clesing tria baince on December 31, 2024 (Cick the kon to vew the ponteloung tral balance) The compary's accounting deparment has gathered the followirg budgeting infomation for the thit quarter of acass. iCick ino icon to view the budgeting infomation.] Astisonal information: a. Drect materali purchases are paid 50% in the quanter purchased and 505 in the next quartar: b. Direct labor, mandacturing everhesd, seling and admiristrative costa, and income ux expense are pad in the quarter incurred. c. Accourts payable at December 31, 2024 are pant in the frst quaner of 2095 Ansd se teakrtments mber 31,2024 are Data table yable at December 31 hents. Vang Company has the following post-closing trial balance on December 31, 2024: III (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 : (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are next quarter. b. Direct labor, manufacturing overt tax expense are paid in the quar c. Accounts payable at December Read the requirements. Vang Company has the following post closing trial balance on December 31, 2024: (Click the icon to view the post-dosing tris baiance) The company's accounting department has gabiered the following budgeting inlormetion for the fint quaner of 2025 : (Cick the icen to vew the budgeting iedormation) Additional information: a. Drect materials purchases are paid 50% in the quarter purchased and 50% in the next quarter. b. Direct labor, manulacturing overhead, selling and administrative costs, and income tax expense sce paid in the quarter incurred. e. Accounts payable at Decomber 31, 2024 are paid in the frat quarier of 2025. Fead the reoutements. g overhead, se a quarter incul mber 31, 202 yable at December 31,2 hents