P22-48B Preparing a financial budget-schedule of cash receipts, schedule of cash payments, cash budget Haney Company has provided the following budget information for the first quarter of 2018: Total sales $214,000 Budgeted purchases of direct materials 40,300 Budgeted direct labor cost 37,200 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,150 Depreciation 1,200 Insurance and property taxes 6,600 Budgeted selling and administrative expenses: Salaries expense 13,000 Rent expense 2,500 Insurance expense 1,100 Depreciation expense 350 Supplies expense 4,280 Additional data related to the first quarter of 2018 for Haney Company: a. Capital expenditures include $38,000 for new manufacturing equipment, to be purchased and paid in the first quarter. b. Cash receipts are 65% of sales in the quarter of the sale and 35% 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 $44,000 and is paid in the quarter incurred. f. Haney Company expects to have adequate cash funds and does not anticipate bor rowing in the first quarter. g. The December 31, 2017, balance in Cash is $45,000, in Accounts Receivable is $23,200, and in Accounts Payable is $9,000. 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 Haney Company's cash budget for the first quarter of 2018