P22-39A (similar to) A Question Help Vang 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 Vang Company: (Click the icon to view the data.) Read the requirements * More Info 212,000 40,750 37,100 Requirement 1. Prepare Vang 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 i Data Table First Quarter 2018 Total sales Total sales Budgeted purchases of direct materials Cash Receipts from Customers: Budgeted direct labor cost Accounts Receivable balance, December 31, 2017 Budgeted manufacturing overhead costs: 1st Qtr.Sales Variable manufacturing overhead Total cash receipts from customers Depreciation Insurance and property taxes Accounts Receivable balance, March 31, 2018: Budgeted selling and administrative expenses: 1st Qtr.Sales, collected in 2nd Qtr. Salaries expense Rent expense Insurance expense Requirements Depreciation expense Supplies expense a. Capital expenditures include $45,000 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 $43,000 and is paid in the quarter incurred. f. Vang Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2017, balance in Cash is $14,000, in Accounts Receivable is $18,500, and in Accounts Payable is $10,500. 1,225 800 6,600 10,000 1,800 1,800 Print Done Re 550 6,360 Print Done 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Vang Company's cash budget for the first quarter of 2018 Print Done Enter any number in the edit fields and then click Check