Vinson Company has the following post-closing trial balance on December 31,2016 : Additional information: (Click the icon to view the post-closing trial balance.) a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. The company's accounting department has gathered the following budgeting information for the first quarter of 2017 : b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter Click the icon to view the budgeting information.) Read the requirements. Requirement 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2017. Vinson Batting Company Budgeted Statement of Cash Flows For the Quarter Ended March 31, 2017 Operating Activities: Cash receipts from customers Cash payments for operating expenses Cash payments for income taxes \begin{tabular}{l} $262,000 \\ \hline \\ \hline 41,000 \\ \hline \end{tabular} Net cash provided by (used for) operating activities Investing Activities: Cash payments for equipment purchases (43,000) Net cash used for investing activities (43,000) Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, January 1, 2017 Cash balance, March 31, 2017 Data table Data table Requirements 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2017. 2. Prepare Vinson Company's budgeted statement of cash flows for the first quarter of 2017. 3. Prepare Vinson Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance