P22-39A (similar to) Question Help Haney Company has provided the following budget information for the first quarter of 2018: B (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Haney Company: i (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Haney 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 1 Data Table First Quarter 2018 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.Sales 212,000 41,300 36,600 Total cash receipts from customers 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: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 1,119 1,300 6,550 Accounts Receivable balance, March 31, 2018: 1st Qtr.Sales, collected in 2nd Qtr. Requirements 10,000 1,000 1,700 200 2,120 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Haney Company's cash budget for the first quarter of 2018. Print Done Print * More Info 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 60% in the quarter purchased and 40% 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 $40,000 and is paid in the quarter incurred. f. Haney 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 $10,000, in Accounts Receivable is $26,200, and in Accounts Payable is $15,200. Enter any number in the edit fields and