- More Info Capital expenditures include $44,000 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 50% in the quarter purchased and 50% in c. the next quarter. Direct labor, manufacturing overhead, and selling and administrative costs are d. paid in the quarter incurred. Income tax expense for the first quarter is projected at $41,000 and is paid in e. the quarter incurred. Cooke 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 $14,000, in Accounts Receivable g. is $26,200, and in Accounts Payable is $13,600. Print Done vu wheck Answe Cooke 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 Cooke Company: (Click the icon to view the data.) Read the requirements. ..... Data Table Requirement 1. Prepare Cooke 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. $ 212,000 41,600 Cash Receipts from Customers 37,000 First Quarter 2018 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: 1,175 Total sales 1,100 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 6,800 1st Qtr.-Sales Salaries expense 5,000 Total cash receipts from customers Rent expense 1,800 1,700 Insurance expense Depreciation expense Supplies expense Accounts Receivable balance, March 31, 2018: 1st Qtr.Sales, collected in 2nd Qtr. 150 6,360 X Requirements Print Done Enter any number in the edit fields and then click Check Ansy 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Cooke Company's cash budget for the first quarter of 2018. Help Me Solve This DemoDocs Example Clear All Check