P22-39A (similar to) They provided the flowing budget formation for the first ter of 2018 that the budget foto) Additions de related to the quarter of 2018 for Sharpe Company Che con lo view the Requirement. Precare Sharpe Cargany's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Bign by repering the chief cash rogha tromstomers for the first quarter of 2018 Cash Recit from Customers First Quarter * Requirements 2013 Data Cash Reels from Customers Account December 11, 2017 1. Prepare Share Company's wedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 2. Prepare Share Company's but for the first of 2016 Throm customer 5 Print Done 217.000 4:40 Accounts Receivable balance, Mar 31, 2018 Tot in and TOTS 1000 To Budged the free material Bulboro Giang 11 PHA g 0 CET wa magad Depreca procery Bodontoding and experts Srpen Ron cerpen Deco Super 7.000 1.000 7 200 650 Enter any number in this and then click Check Answear Done 4 puta CA 22-39A (similar to) Sharpe Company has provided the following budget information for the first quarter of 2018: Click the icon to view the budget information.) Requirement 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 20 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 1st Qtr-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Or Sales, collected in 2nd Qtr Requirements 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Sharpe Company's cash budget for the first quarter of 2018 Print Done Enter any number in the edit fields and then click Check Answer 4 parts romaining Clear All ule of cash payments for the first quarter of 2018. Data Table Total sales $ 217,000 41,450 36,500 1,075 1,000 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 6,833 7,000 1,000 1,200 450 6,510 Print Done View the data) Read the requirements. Thedule of cash payments for the first quarter of 2018. i More Info Capital expenditures include $42,000 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 60% in the quarter purchased and 40% 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 $47,000 and is paid in e. the quarter incurred. Sharpe Company expects to have adequate cash funds and does not f. anticipate borrowing in the first quarter. The December 31, 2017, balance in Cash is $30,000, in Accounts Receivable g. is $26,200, and in Accounts Payable is $10,500. Print Done