Haney Company has provided the following budget information for the first quarter of 2018: Click the icon to view the budget information.) Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Receipts from Customers First Quarter 2018 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2018. Cash Payments First Quarter 2018 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.Direct 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: 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, 2018 1st Qtr.Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Haney Company's cash budget for the first quarter of 2018. 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, 2018 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses a. Capital expenditures include $44,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% 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, 2017, balance in Cash is $14,000, in Accounts Receivable is $16,700, and in Accounts Payable is $13,600. Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead 214,000 40,150 37,100 1,075 Depreciation 800 6,900 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense 9,000 Rent expense Insurance expense 1,000 1,600 300 Depreciation expense Supplies expense 4,280 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Haney Company's cash budget for the first quarter of 2018