Haney Coopany has provided the folowing budget inlormalion for the frat quartec ux Additional data rolated to the frat quater of 2018 for handy Comperyi quas then icon to view the budget information.) (Cick the icon to view the datay) Read the rsguicemants Raquirement 1. Prepare Haney Company/s schedile of cash receipts from customens and schedule of ca th payments for the first quarter of 2018 . Degin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Recelpts from Customers rotated to the first quater of con to view thie data.) rements Capital expenditures include $36,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 80% of sales in the quarter of the sale and 20% in the b. quarter following the sale. Direct materials purchases are paid 70% in the quarter purchased and 30% in c. the next quarter. Direct labor, manufacturing overhead, and selling and administrative costs are d. paid in the quarter incurred. Income tax expense for the first quarter is projected at $46,000 and is paid in e. the quarter incurred. Haney Company expects to have adequate cash funds and does not anticipate f. borrowing in the first quarter. The December 31,2017, balance in Cash is $15,000, in Accounts Receivable g. is $17,900, and in Accounts Payable is $14,500. Manulacturing Overhead: Variable manufacturing overhead Insurance and property taxes Total payments for manufacturing overhead Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expento Total payments for Selling and Admin. expenses hodocs example Get more help A 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. ics example Get more help A Cooke Company Cash Budgot 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 Income taxes Capital expenditures Total cash payments Ending cash balance