P22-40A (book/static) Question Help Bradley Company has the following post-closi

Question

P22-40A (book/static) Question Help Bradley Company has the following post-closing trial balance on December 31, 2018 EEB (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 70% in the quarter purchased and 30% in the next quarter b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter inourred. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. c. Read the requirements. Requirement 1. Prepare Bradley Company's budgeted income statement for the first quarter of 2019. Data Table Bradley Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Bradley Company Post-Closing Trial Balance December 31, 2018 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Requirements Account Cash Accounts Recevable Raw Materials Inventory Finished Goods Inventory Equipment Debit Credit 15,000 23,200 11,000 25,900 125,000 Prepare Bradley Company's budgeted income statement for the first quarter of 2019. Prepare Bradley Company's budgeted balance sheet as of March 31, 2019. 1. 2. PrintDone Accounts Payable Common Stock Retained Earnings Totals 35,000 13,600 150,000 1,500 200,100 S 200,100 Enter any number in the edit fields and then click Check Answer, Print Done Clear All remaining

Explanation / Answer

Bradley Company Budgeted Income Sattement For the Quarter Ended March 31, 2019 Sales Revenue $        305,000 Cost of Goods Sold              72,000 Gross Profit $        233,000 Selling and Administrative Expenses              25,900 Income before Income Taxes $        207,100 Income Tax Expense              41,000 Net Income $        166,100 Bradley Company Budgeted Balance Sheet For the Quarter Ended March 31, 2019 Assets Current assets: Cash 117200 (15000+263500-32000x70%-12500-3450-25350-41000-43000-13600) Accounts Receivable 64700 (23200+305000-263500) Inventories: Raw materials 11000 Finished Goods 3150 14150 (32000+12500+2100+1300+1350+25900-72000) Total current assets 196050 Equipment 168000 (125000+43000) Less: accumulated depreciation 36850 131150 (35000+1300+550) Total assets: 327200 Accounts pyable 9600 (32000 x 30%) Common stock 150000 Retained earnings 167600 (1500+166100) Tota liabilities and equity 327200

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