Vang Company has provided the following budget information for the first quarter of 2024: Click the icon to view the budget information.) Selling and Administrative Expenses: Salaries Expense 7,000 Rent Expense 3,000 Insurance Expense 1,300 2,080 Supplies Expense Total payments for Selling and Admin. expenses 13,380 Income Taxes: Total payments for income taxes 40000 Capital Expenditures: 37000 Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. 77000 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 - X Data table Total sales Budgeted purchases of direct materials 69 $ 208,000 41,150 Budgeted direct labor cost 37,000 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,150 Depreciation 900 Insurance and property taxes 6,800 Budgeted selling and administrative expenses: Salaries expense 7,000 Rent expense 3,000 Insurance expense Depreciation expense Supplies expense 1,300 200 2,080 Print Done - More info a. Capital expenditures include $37,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 80% of sales in the quarter of the sale and 20% 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 $40,000 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 $14,000, in Accounts Receivable is $15,500, and in Accounts Payable is $11,600. Print Done - Requirement 1. Prepare Vang Company's schedule of cash receipts from customers and schedule 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: SA First Quarter 2024 208,000 15,500 166,400 $ 181,900 1st Qtr.-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments 41,600 First Quarter 2024 Vang Company has provided the following budget information for the first quarter of 20 First Quarter 2024 $ 41,150 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 $ 11,600 24,690 1st Qtr.-Direct material purchases 36,290 Total payments for direct materials Direct Labor: Total payments for direct labor 37,000 Manufacturing Overhead: Variable manufacturing overhead 1,150 Insurance and property taxes: 6,800 Total payments for manufacturing overhead 7,950 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense 7,000 3,000 1,300