Vang Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials 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 First Quarter 2024 Data table Additional data related to the first quarter of 2024 for Vang Company: i (Click the icon to view the data.) Read the requirements. Total sales 218,000 Budgeted purchases of direct materials 40,150 Budgeted direct labor cost 37,300 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,175 Depreciation 1,000 Insurance and property taxes 6,550 Budgeted selling and administrative expenses: Salaries expense 9,000 Rent expense 4,000 Insurance expense Depreciation expense Supplies expense 1,300 600 8,720 Print Done 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: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Vang 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. Vang Company Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Data table Additional data related to the first quarter of 2024 for Vang Company: (Click the icon to view the data.) Read the requirements. Total sales $ 218,000 Budgeted purchases of direct materials 40,150 Budgeted direct labor cost 37,300 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,175 Depreciation 1,000 Insurance and property taxes 6,550 Budgeted selling and administrative expenses: Salaries expense 9,000 Rent expense 4,000 Insurance expense Depreciation expense Supplies expense 1,300 600 8,720 Print Done 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 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 First Quarter 2024 Data table Additional data related to the first quarter of 2024 for Vang Company: i (Click the icon to view the data.) More info Total sales $ 218,000 Budgeted purchases of direct materials 40,150 Budgeted direct labor cost 37,300 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,175 a. Capital expenditures include $42,000 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. Depreciation 1,000 d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. Insurance and property taxes 6,550 e. Income tax expense for the first quarter is projected at $48,000 and is paid in the quarter incurred. Budgeted selling and administrative expenses: Salaries expense 9,000 Rent expense 4,000 First Quarter 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 $20,000, in Accounts Receivable is $16,700, and in Accounts Payable is $9,000. 2024 Insurance expense Depreciation expense Supplies expense 1,300 600 8,720 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 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Print Done Print Done