Sharpe Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Sharpe Company: (Click the icon to view the data.) Read the recuirements Accounts Receivable balance, March 31, 2018: 1st Qur. Sales, collected in 2nd Qtr. $ 43,600 Prepare the schedule of cash payments for the first quarter of 2018. Cash Payments First Quarter 2018 41300 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor 36500 Enter any number in the edit fields and then click Check Answer. i X Data Table Total sales 218,000 41,300 36,500 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: 1,175 500 6,700 Salaries expense 9,000 Rent expense 1,500 Insurance expense 1,700 600 Depreciation expense Supplies expense 4,360 Print Done i X Requirements 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Sharpe Company's cash budget for the first quarter of 2018. Print Done X More Info Capital expenditures include $36,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 80% of sales in the quarter of the sale and 20% 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 $50,000 and is paid in e. the quarter incurred. Sharpe Company expects to have adequate cash funds and does not f. anticipate borrowing in the first quarter. The December 31, 2017, balance in Cash is $28,000, in Accounts Receivable g. is $18,500, and in Accounts Payable is $12,800. Print Done