P22-48B Preparing a financial budget-schedule of cash receipts, schedule of cash payments, cash budget Hancy Company has provided the following budget information for the first quarter of 2018: 214,000 40,300 7,200 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs 150 1,200 6,600 Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses 13,000 2,500 1,100 350 4,280 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Additional data related to the first quarter of 2018 for Hancy Company a. Capital expenditures include $38,000 for new manufacturing equipment, to be purchased and paid in the first quarter following the sale. next quarter in the quarter incurred quarter incurred b. Cash receipts are 65% of sales in the quarter of the sale and 35% in the quarter c. Direct materials purchases are paid 50% in the quarter purchased and 50% in the d. Direct labor, manufacturing overhcad, and selling and administrative costs are paid e. Income f. Haney Company expects to have adequate cash funds and docs not anticipate bor tax expense for the first quarter is projected at $44,000 and is paid in the rowing in the first quarter The December 31, 2017, balance in Cash in $45,000, in Accounts Reccivable is 23,200, and in Accounts Payable is $9,0o0 R Requirements 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 2. Prepare Hney Company's cash budget for the first quarter of 2018