Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Langley Company has provided the following budget information for the first quarter of 2018: E (Click the icon to view the budget information.) Additional data

image text in transcribed
image text in transcribed
Langley Company has provided the following budget information for the first quarter of 2018: E (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Langley Company (Click the icon to view the data) 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 2014 Cash Receipts from Customers * More Info First Quarter Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Otr-Sales Total cash receipts from customers a. Capital expenditures include $40,000 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 materiale purchases are paid 70% in the quarter purchased and 30% in the next quarter d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the Quarter incurred Income tax expense for the first quarter projected at $45.000 and is paid in the quarter nourred. Langley Company expect to have adequate cash finds and does not anticipate borrowing in the first quarter The December 31, 2017, balance in Cash is $28.000, in Accounts Receivables $16.500, and in Accounts Payable is $9.000 Accounts Receivable balance, March 31, 2018: 1st Sales, collected in 2nd Qir. Enter any number in the edit fields and then click Check Answer Print Done A parts 4 remaining Langley Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Langley Company Click the icon to view the data) Read the requirements Requirement 1. Prepare Langley Company's schedule of cash receipts from customers and schedule Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter i Data Table 2018 210,000 Total sales Cash Receipts from Customers Accounts Receivable balance, December 31, 2017 40,750 36.900 1st - Sales 1.075 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 1,400 Total cash receipts from customers 750 Accounts Receivable balance, March 31, 2018 9.000 1st Or-Sales, collected in 2nd Qur. 1,300 Depreciation expense Supplies upense 2,100 Enter any number in the edit folds and then click Check Answer A mining parts More info Langley Company has provided the following budget information for the first quarter of 2018: E (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Langley Company (Click the icon to view the data) 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 2014 Cash Receipts from Customers * More Info First Quarter Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Otr-Sales Total cash receipts from customers a. Capital expenditures include $40,000 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 materiale purchases are paid 70% in the quarter purchased and 30% in the next quarter d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the Quarter incurred Income tax expense for the first quarter projected at $45.000 and is paid in the quarter nourred. Langley Company expect to have adequate cash finds and does not anticipate borrowing in the first quarter The December 31, 2017, balance in Cash is $28.000, in Accounts Receivables $16.500, and in Accounts Payable is $9.000 Accounts Receivable balance, March 31, 2018: 1st Sales, collected in 2nd Qir. Enter any number in the edit fields and then click Check Answer Print Done A parts 4 remaining Langley Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Langley Company Click the icon to view the data) Read the requirements Requirement 1. Prepare Langley Company's schedule of cash receipts from customers and schedule Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter i Data Table 2018 210,000 Total sales Cash Receipts from Customers Accounts Receivable balance, December 31, 2017 40,750 36.900 1st - Sales 1.075 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 1,400 Total cash receipts from customers 750 Accounts Receivable balance, March 31, 2018 9.000 1st Or-Sales, collected in 2nd Qur. 1,300 Depreciation expense Supplies upense 2,100 Enter any number in the edit folds and then click Check Answer A mining parts More info

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Accounting

Authors: Robert N. Anthony, Leslie Pearlman Breitner

9th Edition

013149693X, 9780131496934

More Books

Students also viewed these Accounting questions