op Capital expenditures include $37,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 70% of sales in the quarter of the sale and 30% 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 $43,000 and is paid in e. the quarter incurred. Sosa 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 $45,000, in Accounts Receivable g. is $23.200, and in Accounts Payable is $9,000 : ecel Total sales $ 215,000 40,150 36,900 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 1,125 1,300 Insurance and property taxes Budgeted selling and administrative expenses: 6.833 7,000 Salaries expense Rent expense Insurance expense 5.000 2.100 Doncs sintinnen an 40,150 36,900 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 1,125 1,300 6,833 7.000 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 5.000 2.100 300 2.150 n Print no Question Help Sosa 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 Sosa Company (Click the Icon to view the data) Read the requirements Requirement 1. Prepare Sosa 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 tant Siloc Enter any number in the edit Melds and then click Check Answer Read the requirent 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: 1st Qur-Sales, collected in 2nd Qir 2018 Total sales Cash Receipts from Customers: Accounts Receivable balance. December 31, 2017 1st Qur-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st QteSales collected in 2nd Qir. Enter any number in the edit fields and then clin 0 Requirements 1. Prepare Sosa Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 2. Prepare Sosa Company's cash budget for the first quarter of 2018