Varg 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 2018 Click the icon to view the budgeting information) Additional Information: Direct materials purchases are paid 60% in the quarter purchased and 40% in the next Quarter Direct labor, marutacturing overhead selling and administrative cons, and income tax expert we paid in the quarter incurred . Accounts payable at December 31, 2018 are paid in the front of 2019 Read the movements Requirement 1. Prepare Vang Company's budgeted income statement for the first quarter of 2019 Vang Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue 307.000 71,600 Cost of Goods Sold Gross Pro 235.400 3190 Selling and Administrative Expenses Income before Income 209.470 47.000 Income Tax Expense 156470 Melcome Requirement 2. Prepare Vang Company's budgeted blance sheet as of March 31, 2010 V Cong ty Budsted She Enter any number in the edit fields and then continue to the next question 1, 2018: Additional information: i Data Table 60% in the quar d, selling and ad ng 2018 are paid in rth Credit Vang Company Post-Closing Trial Balance December 31, 2018 Account Debit Cash $ 18,000 Accounts Receivable 21,600 Raw Materials Inventory 12,000 Finished Goods Inventory 25,300 Equipment 145,000 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 221,900 $ 30,000 16,500 100,000 75,400 221,900 of Mar Print Done question or 0 Data Table ler pure ministr allo $ 307,000 the firs 35,000 10,500 ome 2.300 1.000 1,150 71,600 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) 00 13,000 5,000 30 70 1,400 00 250 170 12,280 265,000 walance 47.000 34.000 ue to ti Print Done Read the requirements Requirement 1. Prepare Vang Company's budgeted income statement for the first quarter of 2019. Vang Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue 307.000 Cost of Goods Sold 71,600 Gross Profit 235,400 Selling and Administrative Expenses 31.930 Income before Income Taxes 203,470 Income Tax Expense 47,000 156,470 Net Income Requirement 2. Prepare Vang Company's budgeted balance sheet as of March 31, 2019 Vang Company Budgeted Balance Sheet Enter any number in the edit fields and then continue to the next question. Requirement 2. Prepare Vang Company's budgeted balance sheet as of March 31, 2019. Vang Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash 18,000 21,600 4,800 25,300 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 69,700 58,000 30,000 28,000 Enter any number in the edit fields and then continue to the next question. WIONY Read the requirements Finished Goods Inventory 25,300 69,700 Total Current Assets Property, Plant, and Equipment: Equipment 58,000 30,000 Less: Accumulated Depreciation 28,000 Total Assets 41.700 Liabilities Current Liabilities: Accounts Payable 16,500 Stockholders' Equity Common Stock 100,000 75.400 Retained Earnings Total Stockholders' Equity 175,400 200,600 Total Liabilities and Stockholders' Equity Enter any number in the edit fields and then continue to the next