Requirement 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter 2018 i Data Table Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr-Sales Total cash receipts from customers Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs 210,000 41,600 37,000 Accounts Receivable balance, March 31, 2018: 1st Qtr-Sales, collected in 2nd Qtr Prepare the schedule of cash payments for the first quarter of 2018 Cash Payments Variable manufacturing overhead Depreciation Insurance and property taxes 1,125 1,400 6,700 Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 4,500 1,100 200 6,300 First Quarter 2018 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.-Direct material purchases Total payments for direct materials PrintDone Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Selling and Administrative Expenses: Data Table ents for Selling and Admin. expenses Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs 210,000 41,600 37,000 lotal paym Income Taxes Total payments for income taxes Variable manufacturing overhead Depreciation Insurance and property taxes 1,125 1,400 6,700 Capital Expenditures Total payments for capital expenditures Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 4,500 1,100 200 6,300 Total cash payments Accounts Payable balance, March 31, 2018 1st Qtr.-Direct materials purchases, paid in 2nd Qtr Requirement 2. Prepare Cooke Company's cash budget for the first quarter of 2018 Review the schedule of cash receipts from customers you prepared in Requirement Review the schedule of cash payments you prepared in Requirement 1 Print Done Cooke Company Cash Budget For the Quarter Ended March 31, 2018 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