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Sosa Company has provided the following budget information for the Additional data related to the first quarter of 2024 for Sosa first quarter of 2024:

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Sosa Company has provided the following budget information for the Additional data related to the first quarter of 2024 for Sosa first quarter of 2024: (Click the icon to view the budget information.) (Click the icon to view the data.) 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. Data table More info a. Capital expenditures include $43,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 60% of sales in the quarter of the sale and 40% in the quarter following the sale. c. Direct materials purchases are paid 50% in the quarter purchased and 50% 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 $50,000 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 $40,000, in Accounts Receivable is $26,200, and in Accounts Payable is $9,000. Cach Daumante Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments 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. 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 begnnng. casn baance 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

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