Vang Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) - Additional data related to the first quarter of 2024 for Vang Company: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Vang 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 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 First Quarter 2024 Data table Total sales $ 218,000 Budgeted purchases of direct materials 40,300 Budgeted direct labor cost 36,900 Budgeted manufacturing overhead costs: Variable manufacturing overhead i 1,075 Depreciation 500 Insurance and property taxes 6,833 Budgeted selling and administrative expenses Salaries expense 6,000 Rent expense 1,000 1,800 Insurance expense Depreciation expense Supplies expense 300 2,180 - X 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 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 85% of sales in the quarter of the sale and 15% 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. 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 $30,000, in Accounts Receivable: is $15,500, and in Accounts Payable is $13,600. Print Done -Check anewar