Sosa Company has provided the following budget information for the fist quarter of 2024 (CEck the icon to view the budget information ) Additional data related to the first quarter of 2024 for Sosa Company (Click the icon to view the data) Read the requisements Requirement 1. Prepare Sosa 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 a. Capital expenditures include $35,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% 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 $43,000 and is paid in the quarter incurred. f. Sosa 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 $17,900, and in Accounts Payable is $15,200. Requirements 1. Prepare Sosa Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Sosa Company's cash budget for the first quarter of 2024. Cash Receipts from Customers 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 Cash Paymante Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Sosa Company has provided the tollowing budget intormation tor the tirst quat Sosa Company has provided the following budget information for the first quarter of Requirement Z. Frapare sosa Companys casn buaget for the first quarter of 2024 Doulow the whatida of roeh rareinte from custhmare unit nranarad in Danuirament 4 Requirement 2. Prepare Sosa 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. Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance