Data table 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: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 212,000 40,150 37,400 1 ,225 1 ,400 6,500 1 2,000 5,000 1 ,900 300 8,480 More info . Capital expenditures include $39,000 for new manufacturing equipment to be purchased and paid in the rst quarter. . Cash receipts are 70% of sales in the quarter of the sale and 30% in the quarter following the sale. . Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. . Direct labor. manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. . Income tax expense for the rst quarter is projected at $44,000 and is paid in the quarter incurred. Vinson Company expects to have adequate cash funds and does not anticipate borrowing in the rst quarter. . The December 31, 2023I balance in Cash is $28,000, in Accounts Receivable is $16,700, and in Accounts Payable is $9,000. Requirement 1. Prepare Vinson Company's schedule of cash receipts from customers and schedule of cash payments for the rst quarter of 2024. Begin by preparing the schedule of cash receipts from customers for the rst quarter of 2024. Cash Receipts from. Customers First Quarter 2024 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1 st CitSales Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st GinSales, collected in 2nd Cltr. Prepare the schedule of cash pays-nenis for the rst quarter of 2024. Cash Payments First Quarter 2024 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1 st CitDirect material purchases Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for Income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Vinson Company's cash budget for the first quarter of 2024. Review the schedule of cash receipts from customers you prepared in Requirement 1. Review the schedule of cash payments you prepared in Requirement 1. Vinson Company Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance