Vang Company has provided the following budget information for the first quarter of 2024: Additional data related to the first quarter of 2024 for Vang Company: (Click the icon to view the budget information.) i (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 First Quarter 2024 Total sales 212000 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 16700 1st Qtr.-Sales 159000 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr.Prepare the schedule of cash payments for the rst quarter of 2024. Cash Payments First Quarter 2024 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.Direot material purchases Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for 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 Accounts Payable balance, March 31, 2024 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 rst 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 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 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 75% of sales in the quarter of the sale and 25% 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 $42,000 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. 9. The December 31, 2023, balance in Cash is $32,000, in Accounts Receivable is $16,700, and in Accounts Payable is $10,500. -m Data table 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 212,000 41,300 37,300 1 ,200 1 ,300 6,800 6,000 1 ,500 2,100 550 10,600 -m