= Homework: Chs 21, 22, and 23 Homework Question 5, P22-39A (si. Part 1 of 5 HW Score: 59.82%, 20.94 of 35 points O Points: 0 of 7 O Save Haney Company has provided the following budget information for the first quarter of 2018: F: (Click the icon 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 More info Data table Requirement 1. Prepare Haney Company's schedule of cash receipts from custon Begin by preparing the schedule of cash receipts from customers for the first quarte Cash Receipts from Customers $ First Quarter 218,000 40,300 2018 36,500 Total sales 1,225 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 Capital expenditures include $35,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 80% of sales in the quarter of the sale and 20% in the b. quarter following the sale. Direct materials purchases are paid 60% in the quarter purchased and 40% in c. the next quarter. Direct labor, manufacturing overhead, and selling and administrative costs are d. paid in the quarter incurred. Income tax expense for the first quarter is projected at $42,000 and is paid in e. the quarter incurred. Haney Company expects to have adequate cash funds and does not anticipate f. borrowing in the first quarter. The December 31, 2017, balance in Cash is $15,000, in Accounts Receivable g. is $23,200, and in Accounts Payable is $13,600. Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 1,200 6.833 1st Qtr.-Sales Total cash receipts from customers 7,000 1,800 Accounts Receivable balance, March 31, 2018: 1st Qtr.-Sales, collected in 2nd Qtr. 1,300 250 6,540 Requirements Print Done 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Haney Company's cash budget for the first quarter of 2018 Help me solve this Demodocs example Get more help