Haney Company has provided the following budget information for the first quarter of 2018 (Click the loon to view the budget information.) Additional data related to the first quarter of 2018 for Haney Company (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Haney 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 2010 213.000 Cash Receipts from Customers Accounts Receivable balance, December 31, 2017 1st Qtr-Sales Totalcarce rom customers Accounts Receivable balance, March 31, 2018 tot Sale in 2nd O Haney Company has provided the following budget information for the first quarer UI 2011 (Click the icon to view the budget information.) Prepare the schedule or cash payments for me mirst quarter of Z0T8. Cash Payments First Quarter 2018 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2017 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor Total payments for direct labor Manufacturina Overhead: Choose from any list or enter any number in the input fields and then continue to the next qu Haney Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes LASE. Haney Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Income Taxes: Total payments for income taxe Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2018 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Haney 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. Haney Company Haney Company has provided the following budget information for the first quarter of 2018 (Click the icon to view the budget information.) Requirement 2. Prepare Haney 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. Haney 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 Manufacturing overhead Selling and administrative expenses Income taxes anlalaunandit. Haney Company has provided the following budget information for the first quarter of (Click the icon to view the budget information.) TIL IL vailable 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 Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance / / of 2011 / for © Data Table TE / 1 1 17/ // // // // / 69 // 213,000 41,150 37,000 1,100 900 6,950 Total sales Budgeted purchases of direct material Budgeted direct labor cost Budgeted manufacturing overhead cos Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 10,000 3,000 1,500 250 8,520 O ID en for the first quarter of 2018: Additional data related to the first quarter of 2016 TOP A (Click the icon to view the data.) * More Info a. Capital expenditures include $40,000 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 50% in the quarter 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 $43,000 and is paid in the quarter incurred. f. Haney 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 $14,000, in Accounts Receivable is $25,400, and in Accounts Payable is $17,300.

Answer rating: 100% (QA)

Date Particular Debit in Credit in 1 Jan 2017 Cash WN 1 1236000 Premium on bonds payable 12360001200... View the full answer