Additional Data

a$.$ Capital expenditures include $\backslash (\backslash$$ $37,000\backslash )$ for new manufacturing equipment to be purchased and paid in the first quarter.

b$.$ Cash receipts are $\backslash (75\backslash \%\backslash )$ of sales in the quarter of the sale and $\backslash (25\backslash \%\backslash )$ in the quarter following the sale.

c$.$ Direct materials purchases are paid $\backslash (70\backslash \%\backslash )$ in the quarter purchased and $\backslash (30\backslash \%\backslash )$ 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 $\backslash (\backslash$$ $49,000\backslash )$ and is paid in the quarter incurred.

f$.$ Irwin Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter.

g$.$ The December $31,2024,$ balance in Cash is $\backslash (\backslash$$ $35,000\backslash ),$ in Accounts Receivable is $\backslash (\backslash$$ $23,200\backslash ),$ and in Accounts Payable is $\backslash (\backslash$$ $13,600\backslash ).$ Irwin Company has provided the following budget information for the first quarter of $2025$:

View the budget information.

View the additional data related to the first quarter of $2025$ for Irwin Company.

Read the requirements.

Requirement $1.$ Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of $2025.$

Begin by preparing the schedule of cash receipts from customers for the first quarter of $2025.$

Cash Receipts from Customers

$\backslash (\backslash$left$.\backslash$begin$\{$array$\}\{$l$||$l$\}$ & $\backslash$text $\{$ First Quarter $\}\backslash \backslash 2025\backslash$end$\{$array$\}\backslash$right$]\backslash )$

Accounts Receivable balance, March $31,2025$:

$1$st Qtr$.-$Sales, collected in $2$nd Qtr$.$ Prepare the schedule of cash payments for the first quarter of $2025.$

Cash Payments