Huber Company has the following postclosing trial balance on December :
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The company's accounting department has gathered the following budgeting information for the first
quarter of :
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Additional information:
a Direct materials purchases are paid in the quarter purchased and in the
next quarter.
b Direct labor, manufacturing overhead, selling and administrative costs, and income
tax expense are paid in the quarter incurred.
c Accounts payable at December are paid in the first quarter of
Read the requirements.
Requirement Prepare Huber Company's budgeted income statement for the first quarter of
Huber Company
Budgeted Income Statement
For the Quarter Ended March
Sales Revenue
Cost of Goods Sold
Gross Profit
Selling and Administrative Expenses
Income before Income Taxes
Income Tax ExpenseData table
Data tableData table
Net Income
