P22-39A

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

Requirement 1. Prepare Huber 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.

P22-39A (similar to) Question Help Huber 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 Huber Company. Click the icon to view the data.) Read the requirements Requirement 1. Prepare Huber 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 i Data Table 2018 i More Info Total sales Cash Receipts from Customers: Accounts Receivable balance December 31, 2017 1st Oir Sales | 208,000 41,000 37,400 Total cash receipts from customers 1,100 500 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing averhead Depreciation Insurance and property taxes Budgeled selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Accounts Receivable balance, March 31, 2018: 1st Otr.Sales, collected in 2nd Qir. a. Capital expenditures indukt $37.000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 85% of sales in the quarter of the sale and 15% in the quarter following the sale. c. Direct materials purchases are paid 10% in the quarter purchased and 40% in the next quarter d. Direct labor, manufacturing averead, and seling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at $45,000 and is paid in the quarter incurred. f. Huber Company expects to have adequate cash funds and roes not anticipate borwing in the first quarter. g. The December 31, 2017, balance in Cash is $40.000, in Accounts Receivable is $18,500, and in Accounts Payable is $9,000. 6.750 10,000 2,000 1,900 200 2,060 Print Done