Requirement 1. Prepare Langley 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 Data table Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Qtr.-Sales Total cash receipts from customers First Quarter Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.--Direct material purchases Total payments for direct materials 2024 First Quarter 2024 More info Total sales $ 214,000 Budgeted purchases of direct materials Budgeted direct labor cost 41,150 37,500 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,000 Depreciation 1,100 a. Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts 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. Insurance and property taxes 6,750 d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. Budgeted selling and administrative expenses: Salaries expense 12,000 Rent expense 5,000 Insurance expense Depreciation expense Supplies expense 1,700 300 e. Income tax expense for the first quarter is projected at $46,000 and is paid in the quarter incurred. f. Langley 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 $26,200, and in Accounts Payable is $12,500. 4,280 Print Done Print Done