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hello! pls help! inneed cash budget as well as cash reciepts Irwin Company has provided the following budget information for the first quarter of 2018
hello! pls help! inneed cash budget as well as cash reciepts
Irwin Company has provided the following budget information for the first quarter of 2018 Click the innn to view the hudmat information Additional data related to the first quarter of 2018 for Irwin Company Click the iron to view the data Requirement 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarte 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 Qur-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.-Sales, collected in 2nd Qtr. ssignment X Data table Hter of 20 pr Total sales $ $ 218,000 41,300 36,700 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturind overhead Depreciation s for the 1,150 1,300 the 6,833 m 8,000 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 2,000 1,800 100 m m 10,900 le fro Print Done 2018 f ha 20 More info co the firs rin Capital expenditures include $38,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 75% of sales in the quarter of the sale and 25% 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 adminisative costs are d. paid in the quarter incurred. Income tax expense for the first quarter is projected at $42,000 and is paid in e. the quarter incurred. Irwin 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 $10,000, in Accounts Receivable g. is $18,500, and in Accounts Payable is $9,000. iv Print Done ip 2018: con to view the budget information.) Company: (Click the icon to view the data.) Read the requirements. - X Requirements 1. arin 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Irwin Company's cash budget for the first quarter of 2018. Is fl Print Done s f eivable balance, December 31, 2017 es eipts from customers Step by Step Solution
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