first quarter of 2024 1 Data Table $ 211,000 41,600 37.500 1,150 500 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 6,550 6,000 5,000 1,400 450 4,220 Print Done a. Capital expenditures include $35,000 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 70% in the quarter purchased and 30% 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 $43,000 and is paid in the quarter incurred. f. Sharpe Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g The December 31 2028, balance in Cash is $28.000 in Accounts Receivable is $20 800, and in Accounts Payable is $8,000. Print Done X 0 Requirements + 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Sharpe Company's cash budget for the first quarter of 2024 Print Done Sharpe Company has provided the following budget information for the first quarter of 2024 E (Click the icon to view the budget information) Requirement 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024 Cash Receipts from Customers First Quarter 2024 Total sales 0 Requir Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Otr-Sales Total cash receipts from customers 1. Prepare schedule 2. Prepare Accounts Receivable balance, March 31, 2024: 1st Otr-Sales, collected in 2nd Qtu Prepare the schedule of cash payments for the first quarter of 2024