Question: p2244a preparing a financial budgetbudgeted income statement and balance sheet...
P22-44A Preparing a financial budget—budgeted income statement and balance sheet
Ball Company has the following post-closing trial balance on December 31, 2018:
The company’s accounting department has gathered the following budgeting information for the first quarter of 2019:
Rent and income tax expenses are paid as incurred. Insurance expense is an expiration
of the prepaid amount.
1. Prepare a budgeted income statement for the quarter ended March 31, 2019.
2. Prepare a budgeted balance sheet as of March 31, 2019.