Learning Objective 4 cu care am Total cash pemts. 5194,095 P22-39A Preparing a financial budget-schedule of cash receipts, schedule of cash payments, cash budget Puckett Company has provided the following budget information for the first quarter of 2018 Total sales $ 216,000 Budgeted purchases of direct materials 40,600 Budgeted direct labor cost 36,800 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,025 Depreciation 1,000 Insurance and property taxes 6,650 Budgeted selling and administrative expenses: Salaries expense 14,000 Rent expense 2,500 Insurance expense 2,000 Depreciation expense 350 Supplies expense 4,320 Additional data related to the first quarter of 2018 for Puckett Company a. Capital expenditures include $41,000 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 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 $49,000 and is paid in the quarter incurred. f. Puckett Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. & The December 31, 2017, balance in Cash is $25,000, in Accounts Receivable is $21,600, and in Accounts Payable is $16,500. Requirements 1. Prepare Puckett Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Puckett Company's cash budget for the first quarter of 2018