Langley Company has provided the following budget information for the first quarter of 2018:

Langley Company has provided the following budget information for the first quarter of 2018 E(Click the icon to view the budget Information.) dditional data related to the first quarter of 2018 for Langley Company (Click the icon to view the data) Read the requirements Data Table cash payments for the frst quarter of 2018 Begin by preparing More Info Cash Receipts fro Total sales Budgeted purchases of direct materil Budgeted drect labor cost Budgeled manufacturing overhead oosts 213,000 1,300 6,900 Capital expenditures include $37,000 for new manufacturting equpment to be purchased and paid in the first quarter Total salers Cash Recelipts tro Variable manufacturing overhead b. Cash recepts arn70% af sales in the quarter ofthe salo nd 30% in the 1,125 B00 6,700 arter following the sae the nest qarter paid in the quarter inoured the quarter incurred anicipato borrowing in the frst quanar s $22.500, and in Accounts Payable is $10,500 c. Drect materials purchases are paid 60% in ne quarter purchased and 40% in nsuranoe and property a d Direct abor, manufacturing overhead, and seling and administirative costs are Budgeled seling and administralive expenses Total ash receipts Salaries expense 8.000 ,000 200 400 8,520 Incora lax expense for the st quiter is projected at $44,000 and is paid in t. Langley Company expects to have adequate cash funds and does not Accounts Receiv CSalos Prepare the schedu Cash Payments Insurance expense Deprecision expense Supplies expense g The December 31, 2017, baiance in Cash io $45,000, in Accounts Recevabie Print Done Print Done Choose from any li Requirement 1. Prepare Langley 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: st 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: Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Tax Total payments for income taxes es: Capital Expenditures: Total payments for capital expenditures 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 Langley Comnany's cash hiudget for the first quntr o4 o Review the schedule of cash receipts from customers you prepared in Requirement 1: Review the schedule of cash payments you prepared in Requirement 1. Langley 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 Income taxes Capital expenditures Total cash payments Ending cash balance