Accounts Payable balance, March 31, 2018 1st Qtr.Direct materials purchases, paid in 2nd Qtr. | Data Table Requirement 2. Prepare Langley Company's cash budget for the firs Review the schedule of cash receipts from customers you prepared i Review the schedule of cash payments you prepared in Requiremen More Info Total sales Langley Company Cash Budget For the Quarter Ended March 31, 2018 Beginning cash balance $ Budgeted purchases of direct materials Budgeted direct labor cost 210,000 41,300 36,700 28,000 1,150 Cash receipts 1,000 Cash available Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense 6,750 Cash payments: a. Capital expenditures include $44,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 80% of sales in the quarter of the sale and 20% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% 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 $42,000 and is paid in the quarter incurred. f. Langley Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2017, balance in Cash is $28,000, in Accounts Receivable is $26,200, and in Accounts Payable is $15,200. Purchases of direct materials Direct labor 12,000 3,500 Insurance expense 1,900 Manufacturing overhead Selling and administrative expenses Income taxes 1150 150 Depreciation expense Supplies expense 6,300 Capital expenditures Print Done Total cash payments Print Done Ending cash balance