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i Data Table Requirement 1. Prepare Sosa Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016. Cash Receipts from Customers Requirements First Quarter 214,000 41,600 2018 36,600 Total sales Cash Receipts from Customersi Accounts Receivable balance, December 31, 2017 1. Prepare Sosa Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Sosa Company's cash budget for the first quarter of 2018. 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: 1.125 600 1st Qtr.-Sales i More Info 6,550 Total cash receipts from customers Salaries expenso Rent expense Insurance expense 13,000 3,000 Accounts Receivable balance, March 31, 2018 1st Qtr.-Sales, collected in 2nd Qtr. 1,800 100 Depreciation expense Supplies expense 6,420 a. Capital expenditures include $43,000 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 overtiead, and selling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at 542.000 and is paid in the quarter incurred. f. Sosa 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 $30,000, in Accounts Receivable is $22.500, and in Accounts Payable is $8,000. Print Done Enter any number in the edit fields and then click Check Answer. 4 parts remaining Check