Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Receipts from Customers First Quarter 2018 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2018. Cash Payments First Quarter 2018 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor Enter any number in the edit fields and then click Check Answer. 3 parts remaining C Prepare the schedule of cash payments for the first quarter of 2018. Cash Payments First Quarter 2018 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor Enter any number in the edit fields and then click Check Answer. 3 parts remaining CI MacBC Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts remaining Total payments for Selling and Administrative Expenses: Depreciation Insurance Expense Insurance and property taxes Rent Expense Salaries Expense Supplies Expense Variable manufacturing overhead parts remaining ds and then click 2 Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2018 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Enter any number in the edit fields and then click Check Answer. 1 part remaining Huber Company Cash Budget For the Quarter Ended March 31, 2018 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor TII Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Enter any number in the edit fields and then click Check Answer. All parts showing 5 of 6 (6 complete) er of 2018: Additional data related to the first quarter of ACH i Data Table DI 1 Total sales $ 212,000 40,150 37,400 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufakturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: 1,150 1,400 6,800 Salaries expense 10,000 1,500 Rent expense 1,500 Insurance expense Depreciation expense Supplies expense 100 2,120 Print Done Clear All m customers and schedule of cash payments for the first quarter of 2018. first quarter of 2018. ar i Requirements - X 8 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Vang Company's cash budget for the first quarter of 2018. Print Done Doad the requirements i More Info ma firs Jart 8 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 50% in the quarter purchased and 50% 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. Vang 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 $45,000, in Accounts Receivable is $20,300, and in Accounts Payable is $9,000. Print Done