A. Prepare the sales budget for April
B. Prepare the inventory purchases and cost of goods sold budget for April
C. Prepare the selling and administrative expense budget for April
D. Prepare the budgeted cash receipts for customers for April
E. Prepare the budget cash payments for selling and administrative expenses for April
F. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance
G. Prepare the budgeted income statement for April
H. Prepare the budget
ed balance sheet at April 30, 2024.
Irwin Company has provided the following budget information for the first quarter of 2024 (Click the icon to view the budget information.) Requirement 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers X First Quarter 2024 More Info Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Qtr.Sales - Total cash receipts from customers a. Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter. . b. Cash receipts are 60% of sales in the quarter of the sale and 40% in the quarter following the sale. c. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at $40,000 and is paid in the quarter incurred. f. Irwin Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2023, balance in Cash is $45,000, in Accounts Receivable is $26,200, and in Accounts Payable is $9,000. Accounts Receivable balance, March 31, 2024: 1st Qtr.Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024 Cash Payments First Quarter 2024 Total direct materials purchases Print Done Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 $ 1st Qtr.Direct material purchases - Total payments for direct materials 210,000 40,900 37,100 1,225 Direct Labor: Total payments for direct labor 600 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 6,850 Manufacturing Overhead: 6,000 4,000 2,100 Total payments for manufacturing overhead 450 10,500 Print Done Irwin Company has provided the following budget information for the first quarter of 2024 (Click the icon to view the budget information.) Requirement 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers X First Quarter 2024 More Info Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Qtr.Sales - Total cash receipts from customers a. Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter. . b. Cash receipts are 60% of sales in the quarter of the sale and 40% in the quarter following the sale. c. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at $40,000 and is paid in the quarter incurred. f. Irwin Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2023, balance in Cash is $45,000, in Accounts Receivable is $26,200, and in Accounts Payable is $9,000. Accounts Receivable balance, March 31, 2024: 1st Qtr.Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024 Cash Payments First Quarter 2024 Total direct materials purchases Print Done Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 $ 1st Qtr.Direct material purchases - Total payments for direct materials 210,000 40,900 37,100 1,225 Direct Labor: Total payments for direct labor 600 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 6,850 Manufacturing Overhead: 6,000 4,000 2,100 Total payments for manufacturing overhead 450 10,500 Print Done
