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Huber Company has the following post-closing trial balance on December 31,2024:...

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Question

Accounting

Huber Company has the following post-closing trial balance on December 31,2024:
(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 2025 :
(Click the icon to view the budgeting information.)
Additional information:
a. Direct materials purchases are paid 60% in the quarter purchased and 40% 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 31,2024 are paid in the first quarter of 2025.
Read the requirements.
Requirement 1. Prepare Huber Company's budgeted income statement for the first quarter of 2025.
Huber Company
Budgeted Income Statement
For the Quarter Ended March 31,2025
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
image

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