Vinson Company has provided the following budget information for the first quarter of 2024: Additional data related to the first quarter of 2024 for Vinson Company: Requirement 1. Prepare Vinson 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 $ 217,000 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 $ 22,500 1st Qtr.-Sales 162,750 $ 185,250 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. $ 54,250 Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments First Quarter 2024 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