Vang Company has provided the following budget information for the first quarter of 2024 (Click the icon to view the budget information) Requirement 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payr Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024 Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Qtr-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr-Sales, collected in 2nd Qtr Requirements 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Vang Company's cash budget for the first quarter of 2024. Print Done First Quarter 2024 Q Search 88 - X Data table More info Total sales 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 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 210,000 41,300 36,500 1,119 1,000 6,500 10,000 3,000 1,300 150 4,200 a. Capital expenditures include $35.000 for new manufacturing equipment to be purchased and paid in the first quarter b. Cash receipts are 70% of sales in the quarter of the sale and 30% 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 $44,000 and is paid in the quarter incurred f. Vang 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 $45,000, in Accounts Receivable is $25,400, and in Accounts Payable is $11,600 wer 12:49 PM

Vang Compuny has provided the following budyat intormation for the finst quarter of 2024 (Click the kon to view the bosgot information) Data table Reguirement 1. Piepare Veng Company's schedule of cash receipts fom custonsers and schedule of cash pary tegin by preparing the schedule of cash receipts from customers for the first quarter of 2024 Cash Receipts from Customers Requirements shidile of cash pajmeits for the frot quarter of 2024 2. Prepare Varo Conpany's cash budget for the fint quartes of 2024 More info a. Captal expenohures indude 535,000 for new manulacuring aqupment to be purchased and paid in the fint quareer. b. Cash feceipts are 70N of sates in ve quarter of the sale and jos in the quarter following the sale the nent quarter paif in the quarter housed the quater incuired becowng antios frist gaster 9. The Decenter 31 2023, balance in Cash is 45.050 in Accounts Recownole. Vang Compuny has provided the following budyat intormation for the finst quarter of 2024 (Click the kon to view the bosgot information) Data table Reguirement 1. Piepare Veng Company's schedule of cash receipts fom custonsers and schedule of cash pary tegin by preparing the schedule of cash receipts from customers for the first quarter of 2024 Cash Receipts from Customers Requirements shidile of cash pajmeits for the frot quarter of 2024 2. Prepare Varo Conpany's cash budget for the fint quartes of 2024 More info a. Captal expenohures indude 535,000 for new manulacuring aqupment to be purchased and paid in the fint quareer. b. Cash feceipts are 70N of sates in ve quarter of the sale and jos in the quarter following the sale the nent quarter paif in the quarter housed the quater incuired becowng antios frist gaster 9. The Decenter 31 2023, balance in Cash is 45.050 in Accounts Recownole