Additional data related to the first quarter of $2024$ for Sharpe Company:

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a$.$ Capital expenditures include $$35,000$ for new manufacturing equipment to be

purchased and paid in the first quarter.

b$.$ Cash receipts are $85\%$ of sales in the quarter of the sale and $15\%$ 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$.$ Sharpe 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 $$45,000,$ in Accounts Receivable is $$25,400,$ and in Accounts Payable is $$14,500.$

Sharpe Company has provided the following budget information for the first quarter of $2024$ :

Additional data related to the first quarter of $2024$ for Sharpe Company:

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Requirement $1.$ Prepare Sharpe 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

Accounts Receivable balance, March $31,2024$:

$1$st Qtr$.-$Sales, collected in $2$nd Qtr$.$Sharpe Company has provided the following budget information for the first quarter of $2024$: