Vinson 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 Vinson Company: (Click the icon to view the data.) Read the requirements Data Table 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. Total sales $ Cash Receipts from Customers 213,000 41,450 36,900 First Quarter 2024 Requirements Budgeted purchases of direct materials X Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Total sales 1,200 Cash Receipts from Customers: 1,000 1. Prepare Vinson Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Vinson Company's cash budget for the first quarter of 2024. Accounts Receivable balance, December 31, 2023 6,500 Insurance and property taxes Budgeted selling and administrative expenses: 1st Qtr.Sales Salaries expense 11,000 Total cash receipts from customers Rent expense 4,000 Print Done Insurance expense Depreciation expense Supplies expense 1,100 500 Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. 10,650 a. Capital expenditures include $38,000 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 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 $45,000 and is paid in the quarter incurred. f. Vinson 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 $32,000, in Accounts Receivable is $25,400, and in Accounts Payable is $11,600