Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2024 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor First Quarter 2025 Requirements 1. Prepare Nicolas Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2025. 2. Prepare Nicolas Company's cash budget for the first quarter of 2025. Print Done - X Additional Data a. Capital expenditures include $38,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 65% of sales in the quarter of the sale and 35% 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 $41,000 and is paid in the quarter incurred. f. Nicolas Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2024, balance in Cash is $14,000, in Accounts Receivable is $25,400, and in Accounts Payable is $10,500. Print Done Budget Information Total sales $ 215,000 Budgeted purchases of direct materials 41,150 Budgeted direct labor cost 37,000 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,100 Depreciation 900 Insurance and property taxes 6,600 Budgeted selling and administrative expenses: Salaries expense 9,000 Rent expense 3,000 Insurance expense Depreciation expense Supplies expense 1,300 100 2,150 Print Done Nicolas Company has provided the following budget information for the first quarter of 2025: View the budget information. View the additional data related to the first quarter of 2025 for Nicolas Company Read the requirements. Requirement 1. Prepare Nicolas Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2025. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2025. Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2024 1st Qtr.-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2025: 1st Qtr.-Sales, collected in 2nd Qtr. EA First Quarter 2025 215,000 25,400 139,750 165,150 75,250