Question $4,$ P$22-40$A $($simi$)$

Part $3$ of $5$

Data table

Haney Company has provided the following budget information for the first quarter of $20($Click the icon to view the budget information.$)$

Additional data related to the first quarter of $2016$ for HaneyCompany:

i$)($Click the icon to view the data.$)$

Read the requirements.

$\backslash$table$[[$Total payments for direct materials$],[$Direct Labor:$],[$Total payments for direct labor$],[$Manufacturing Overhead:$],[],[$Total payments for manufacturing overhead$],[$Selling and Administrative Expenses:$],[],[]]$

Total payments for Selling and Admin. expenses

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$\backslash$table$[[$Total sales,$210,000],[$Budgeted purchases of direct materials,$40,600],[$Budgeted direct labor cost,$36,900],[$Budgeted manufacturing overhead costs:,$],[$Variable manufacturing overhead,$1,225],[$Depreciation$,1,400],[$Insurance and property taxes,$6,850],[$Budgeted selling and administrative expenses:,$],[$Salaries expense,$7,000],[$Rent expense,$1,800],[$Insurance expense,$1,400],[$Depreciation expense,$500],[$Supplies expense,$10,500]]$

a$.$ Capital expenditures include $$40,000$ for new manufacturing equipment to be purchased and paid in the first quarter.

b$.$ Cash receipts are $75\%$ of sales in the quarter of the sale and $25\%$ in the quarter following the sale.

c$.$ Direct materials purchases are paid $70\%$ in the quarter purchased and $30\%$ 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 $$48,000$ and is paid in the quarter incurred.

f$.$ Haney Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter.

g$.$ The December $31,2015,$ balance in Cash is $$35,000,$ in Accounts Receivable is $$25,400,$ and in Accounts Payable is $$12,500.$