Please answer every part of the question. Thank you!
Vang Company has provided the following budget intormation for the first quarter of 2024 Additional data related to the first quarter of 2024 for Vang Company Iti (Click the icon to viow the budget inlormation) (1) (Cick the icon to view the data) Read the remitements Requirement 1. Prepate Vang Company's schedue of cash recelpts from custorners and schidulo of cash payments for the firat quater of 2024 Begin by prepating the schedule of cash recelpts from customers for the first puarter of 2024 Cash Recilpts from Customets uiz: 3 point Data table uestion: 1 related to con to view rements. nts for the fir 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 $42,000 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. 9. The December 31, 2023, balance in Cash is $20,000, in Accounts Receivable is $22,500, and in Accounts Payable is $9,000. Requirements 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Vang Company's cash budget for the first quarter of 2024. Prepare the schedule of cash payments for the first quarter of 2024. Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor - Manufacturing Overhead: Tntal navmpnte fnr manufarturinn nverhearl Total payments for manufacturing overhead Selling and Administrative Expenses: .Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Requirement 2. Prepare Vang Company's cash budget for the first quarter of 2024. Review the schedule of cash receipts from customers you prepared in Requirement Review the schedule of cash payments you prepared in Requirement 1. Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance Vang Company has provided the following budget intormation for the first quarter of 2024 Additional data related to the first quarter of 2024 for Vang Company Iti (Click the icon to viow the budget inlormation) (1) (Cick the icon to view the data) Read the remitements Requirement 1. Prepate Vang Company's schedue of cash recelpts from custorners and schidulo of cash payments for the firat quater of 2024 Begin by prepating the schedule of cash recelpts from customers for the first puarter of 2024 Cash Recilpts from Customets uiz: 3 point Data table uestion: 1 related to con to view rements. nts for the fir 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 $42,000 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. 9. The December 31, 2023, balance in Cash is $20,000, in Accounts Receivable is $22,500, and in Accounts Payable is $9,000. Requirements 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Vang Company's cash budget for the first quarter of 2024. Prepare the schedule of cash payments for the first quarter of 2024. Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor - Manufacturing Overhead: Tntal navmpnte fnr manufarturinn nverhearl Total payments for manufacturing overhead Selling and Administrative Expenses: .Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Requirement 2. Prepare Vang Company's cash budget for the first quarter of 2024. Review the schedule of cash receipts from customers you prepared in Requirement Review the schedule of cash payments you prepared in Requirement 1. Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance
