Requirements 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Irwin Company's cash budget for the first quarter of 2018. Print Done Capital expenditures include $44,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 60% of sales in the quarter of the sale and 40% in the b. quarter following the sale. Direct materials purchases are paid 50% in the quarter purchased and 50% in c. the next quarter. Direct labor, manufacturing overhead, and selling and administrative costs are d. paid in the quarter incurred. Income tax expense for the first quarter is projected at $40,000 and is paid in e. the quarter incurred. Irwin Company expects to have adequate cash funds and does not anticipate f. borrowing in the first quarter. The December 31, 2017, balance in Cash is $32,000, in Accounts Receivable g. is $26,200, and in Accounts Payable is $10,500. Print Done Total sales $ 209,000 41,000 37,300 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: 1,119 700 6,800 Salaries expense 8,000 Rent expense Insurance expense 2,000 1,500 Depreciation expense 250 Supplies expense 10.450