Requirement $1.$ Prepare Haney 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 $2024.$

Cash Receipts from Customers

Accounts Receivable balance, March $31,2024$:

$1$st Qtr$.-$Sales, collected in $2$nd Qtr$.$

Prepare the schedule of cash payments for the first quarter of $2024.$

Cash Payments

Accounts Payable balance, March $31,2024$

$1$st Qtr$.-$Direct materials purchases, paid in $2$nd Qtr$.$

Requirement $2.$ Prepare Haney 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 $1.$

Data table

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a$.$ Capital expenditures include $$40,000$ for new manufacturing equipment to be

purchased and paid in the first quarter.

b$.$ Cash recelpts are $65\%$ of sales in the quarter of the sale and $35\%$ 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 $$41,000$ 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 $31,2023,$ balance in Cash is $$10,000,$ in Accounts Receivable

is $$25,400,$ and in Accounts Payable is $$8,000.$

Requirements

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

schedule of cash payments for the first quarter of $2024.$

Prepare Haney Company's cash budget for the first quarter of $2024.$