X quarter of 2018 for Sharpe Company Sharpe Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) 0 Reference ta) 36.000 33,300 Total payments for capital expenditures Total payments for direct materials Total cash payments $ 175,695 Direct Labor: Total payments for direct labor 36,900 Accounts Payable balance, March 31, 2018 1st Qtr.Direct materials purchases, paid in 2nd Qtr. 20,800 Manufacturing Overhead: Variable manufacturing overhead * Reference 1,075 6,600 Requirement 2. Prepare Sharpe Company's cash budget for the first quarter of 2018 Review the schedule of cash receipts from customers you prepared in Requirement 1. Review the schedule of cash payments you prepared in Requirement 1. Insurance and property taxes Total payments for manufacturing overhead 7,675 Cash Receipts from Customers First Quarter 2018 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense 5,000 1,500 Sharpe Company Cash Budget For the Quarter Ended March 31, 2018 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor 213,000 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1,800 8,520 S 17,900 181,050 Supplies Expense Total payments for Selling and Admin. expenses 1st Qtr.Sales 16,820 198,950 Total cash receipts from customers Income Taxes: Manufacturing overhead Total payments for income taxes 45,000 Accounts Receivable balance, March 31, 2018: 1st Qtr.Sales, collected in 2nd Qtr. 31,950 Selling and administrative expenses Income taxes Capital Expenditures: 36,000 Print Total payments for capital expenditures Done Capital expenditures Total cash payments Ending cash balance 175,695