Haney Company has provided the following budget information for the first quarter of 2004 Additional data related to the first quarte Click the icon to view the budget information.) (Click the icon to view the data) Read the requirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 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 Cash Receipts from Customers Accounts Receivable balance, December 31, 2023 1st Qur-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024 1st Qtr-Sales, collected in 2nd or Prepare the schedule of cash payments for the first quarter of 2024 Cash Payments First Quarter Haney Company has provided the following budget information for the first quarter of 2024 (Click the icon to view the budget information.) Additional da (Click the Read the reg Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments First Quarter 2024 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Haney Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) 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 Qur. Requirement 2. Prepare Haney 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. Haney 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 Cantalan Requirement 2. Prepare Haney 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. Haney 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 i Data Table . Total sales $ 212,000 40,450 36,900 Budgeted purchases of direct materials Budgeted direct labor cost Budgetad manufacturing overhead costs: Variable manufacturing overhead Depreciation 1,225 900 Insurance and property taxes 6,600 Budgeted selling and administrative expenses: Salaries expense 9,000 . 5,500 Rent expense Insurance expense 1,300 250 Depreciation expense Supplies expense 6,360 Print Done i More Info - a. Capital expenditures include $42,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 80% of sales in the quarter of the sale and 20% 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 $45,000 and is paid in the quarter incurred. f. Haney Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2023, balance in Cash is $35,000, in Accounts Receivable is $18,500, and in Accounts Payable is $9,000. Print Done