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. onal data related to the first quarter of 2018 for Irwin Company: click the icon to view the data.) he requirements. Print Done of cash payments for the first quarter of 2018. Data table More info Capital expenditures include $36,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 70% of sales in the quarter of the sale and 30% in the b. quarter following the sale. Direct materials purchases are paid 60% in the quarter purchased and 40% 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 $45,000 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 $28,000, in Accounts Receivable g. is $26,200, and in Accounts Payable is $9,000. Total sales Variable manufacturing overhead $ 209,000 Budgeted purchases of direct materials Budgeted direct labor cost 41,000 36,900 Budgeted manufacturing overhead costs: 1,075 Depreciation 1,400 Insurance and property taxes 6,800 Budgeted selling and administrative expenses: Salaries expense 7,000 5,000 1,300 500 10,450 Rent expense Insurance expense Depreciation expense Supplies expense Print Done Print Done