Question list

Additional Data

a$.$ Capital expenditures include $$36,000$ for new manufacturing equipment to be

purchased and paid in the first quarter.

b$.$ Cash receipts are $70\%$ of sales in the quarter of the sale and $30\%$ 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 $31,2024,$ balance in Cash is $$25,000,$ in Accounts Receivable

is $$22,500,$ and in Accounts Payable is $$12,500.$

Requirements

Prepare Haney Company's schedule of cash receipts from customers and

schedule of cash payments for the first quarter of $2025.$

Prepare Haney Company's cash budget for the first quarter of $2025.$

Budget Information