Cooke Company has provided the following budget information for the first quarter of 2016: Click the icon to view the budget information.) Additional data related to the first quarter of 2016 for Cooke Company: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016. Cash Receipts from Customers First Quarter 2016 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2015 1st Qtr.-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2016: 1st Qtr.-Sales, collected in 2nd Qtr Data Table g budget information for the first quarter of 2016 mation Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: 212,000 41,000 37,500 More Info a. Capital expenditures include $44,000 for new manufacturing equipment to be purchased b. Cash receipts are 85% of sales in the quarter of the sale and 15% in the quarter following c. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the e. Income tax expense for the first quarter is projected at $43,000 and is paid in the quarter f. Cooke Company expects to have adequate cash funds and does not anticipate borrowing g. The December 31, 2015, balance in Cash is $32,000, in Accounts Receivable is and paid in the first quarter 1,000 800 6,550 Variable manufacturing overhead the sale Insurance and property taxes Budgeted selling and administrative expenses: quarter quarter incurred incurred. Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 14,000 4,500 1,100 150 8,480 in the first quarter. $18,500, and in Accounts Payable is $13,600 Print Done Print Done