2. Sosa Company has provided the following budget information for the first quarter of 2016 (Click the icon to view the budget information.) Additional data related to the first quarter of 2016 for Sosa Company 2(Click the icon to view the data.) Read the requirements Requirement 1. Prepare Sosa Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016. Cash Receipts from Customers First Quarter 2016 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2015 1st Qtr-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2016: 1st Qtr-Sales, collected in 2nd Qtr Prepare the schedule of cash payments for the first quarter of 2016. Cash Payments First Quarter 2016 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2015 1st Qtr-Direct material purchases Total payments for direct materials