Requirement 1. Prepare

Cooke

Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of

2024.

Requirement 2. Prepare

Cooke

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 by preparing the schedule of cash receipts from customers for the first quarter of

2024.

Cooke Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Cooke Company (Click the icon to view the data.) Read the requirements. - X Requirement 1. Prepare Cooke 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 Cash Receipts from Customers - X First Quarter Data Table 2024 Total sales $ Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 214,000 41,150 a. Capital expenditures include $36,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 85% of sales in the quarter of the sale and 15% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% 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 $50,000 and is paid in the quarter incurred. f. Cooke 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 $22,800, and in Accounts Payable is $11,600. 37,100 1st Qtr.-Sales Total cash receipts from customers 1,000 1,400 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Accounts Receivable balance, March 31, 2024: 1st Qtr.Sales, collected in 2nd Qtr. 6,833 4,000 Prepare the schedule of cash payments for the first quarter of 2024. Print Done 3,500 Cash Payments 1,300 First Quarter Requirements x 550 2024 10.700 Print Done Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Cooke Company's cash budget for the first quarter of 2024 Print Done Done Choose from any list or enter any number in the input fields and then continue to the next question. Cooke Company has provided the following budget information for the first quarter of 2024: Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Cooke Company: (Click the icon to view the data.) Read the requirements DITECL IVALETTdis. 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: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Canital Fynenditures: Choose from any list or enter any number in the input fields and then continue to the next question. Cooke Company has provided the following budget information for the first quarter of 2024: E (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Cooke Company (Click the icon to view the data.) Read the requirements Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Cooke 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 Cooke Company Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cach ra.info Choose from any list or enter any number in the input fields and then continue to the next question. Cooke Company has provided the following budget information for the first quarter of 2024: Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Cooke Company: A (Click the icon to view the data.) Read the requirements. Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Cooke 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. Cooke Company 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 Choose from any list or enter any number in the input fields and then continue to the next