Vinson Company has provided the following budget information for the first quarter of 2018: D(Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Vinson Compa (Click the icon to view the data.) Read the requirements. Cash Raceinte fram metamore S Requirement 1. Prepare Vinson Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Receipts from Customers First Quarter 2018 Total sales * Data Table - X Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 Total sales 212,000 1st Qtr.Sales Budgeted purchases of direct materials 40,750 Total cash receipts from customers Budgeted direct labor cost 37,200 Budgeted manufacturing overhead Accounts Receivable balance, March 31, 2018: costs: 1st Qtr.Sales, collected in 2nd Qtr. Variable manufacturing overhead 1,075 Depreciation 1,300 Insurance and property taxes 6,833 Budgeted selling and More Info administrative expenses: Salaries expense 12,000 Rent expense 5,000 a. Capital expenditures include $45,000 for new Insurance expense 2,100 manufacturing equipment to be purchased and paid in Depreciation expense 200 the first quarter. b. Cash receipts are 80% of sales in the quarter of the sale Supplies expense 4,240 and 20% in the quarter following the sale. c. Direct materials purchases are paid 50% in the quarter Print Done 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 $41,000 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, 2017, balance in Cash is $32,000, in Accounts Receivable is $18,500, and in Accounts Payable is $8,000. Print Done