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Depreciation Insurance Expense Insurance and property taxes Rent Expense Salaries Expense Supplies Expense Variable manufacturing overhead Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Requirements 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Irwin Company's cash budget for the first quarter of 2024 . Requirement 2. Prepare Irwin Company's cash budget for the first quarter of 2024. Review the schedule of cash receipts from customers you prepared in Requirement 1. Review the schedule of cash payments you prepared in Requirement 1. \begin{tabular}{l||l|l|} \hline Total payments for Selling and Admin. expenses & \\ \hline Income Taxes: & \\ \hline Total payments for income taxes & \\ \hline & \\ \hline Capital Expenditures: & \\ \hline Total payments for capital expenditures & \\ \hline \end{tabular} Accounts Payable balance, March 31, 2024 1st Qtr-Direct materials purchases, paid in 2nd Qtr. Irwin Compary has provided the following budget informancen for the frst quarter of 2024 : (Cick the icon to vew the budpet information) Additional data related to the fest cuarter of 2024 for irwin Company. (Click the kon to view the data) Read the tequiements. (cin: Requlerthent 1. Prepare irwin Company's scheoule of cash receipts fort cussomers and schedule of cash paryments for the fint quarter of 2024 Begin by preparing the scheduls of cash recelpts from cuttomen for the finst quarter of 2024. Canh Receicts froen Customers Accounts Receivatie balance, March 31, 2024: 1ut Or-Sain, colected in 2 na Otr Prepare the scheovio of cash poyments for se fint quarter of 2024. Prepare the schedule of cash payments for the first quarter of 2024. Requirement 1. Prepare irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024 . More info a. Capital expenditures include $38,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 80% of sales in the quarter of the sale and 20% 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 $47,000 and is paid in the quarter incurred. f. Irwin Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31,2023 , balance in Cash is $35,000, in Accounts Receivable is $25,400, and in Accounts Payable is $14,500. Data table Depreciation Insurance Expense Insurance and property taxes Rent Expense Salaries Expense Supplies Expense Variable manufacturing overhead