5 213,000 40.750 37,300 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Thurance and property taxes Budged selling and administrative expert Saves expo Honden . 1.075 000 5,750 8,000 2.000 Data Table 37.300 1075 900 8.750 Budged direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhoed Depreciation Insurance and property Budged enganche expense Sempre Renten weep Deprecationen 8.000 2.000 1.600 More Info 2. Capital expenditures dude 538,000 rewarding the purchased and paid in the Best b. Cash of the art of the end 15 quarting the Directes per pod so he camera the equat d. Direct, hot and pened come for the test procedures The und Ley de e both first The Der 31, 2023, Hood the record Requirements 1. Prepare Langley Company's schedule of cash registros customers and schedule of cash payments for the first of 20 2. Prey Company's budget for enter 2004 And Lange Game ro tem Kocou Rece 294 Profesore tester 2004 Cara Test 2008 De Albance, December 2003 1-Dec Total pay for directe Die Labor Tutal payments for direct labor Muring Over Total payments for manufacturing overhead Selling and Administrative Expenses Total payments for Selling and Admin, expenses Read the Total payments for income as Hest Capital Expenditures Total payments for capital pendas tash payments Accounts Payal bilance, March 31, 2004 Orect indo 2. Company's hom Requirement 2. Prepare Langley Company's cash budget for the first quarter of 2024 Review the schedule of cash receipts from customers you prepared in Requirement1 Review the schedule of cash payments you prepared in Requirement1 Langley Company Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash recic Cash va Cash payments Purchases of direct mana Director Cash receipts Cash available Cash payments Purchases of Grect materials Direct labor Manufacturing overhead Soling and administrative expenses Income Capital expenditures Totalcash payments Ending cash balance $ 213,000 40.750 37,300 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 1,075 900 6.750 8,000 2.000 1 600 Data Table 37,300 1,075 900 6,750 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 8,000 2,000 1,600 550 6,390 a. Capital expenditures include $36,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 85% of sales in the quarter of the sale and 15% in the quarter following the sale. c. Direct materials purchases are paid 50% in the quarter purchased and 50% 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. Langley 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 $45,000, in Accounts Receivable is $26,200, and in Accounts Payable is $11,600. Read the requirements. Requirements 1. Prepare Langley Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Langley Company's cash budget for the first quarter of 2024
