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Sharpe Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Requirement 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Hrepare the schedule of casn payments tor the tirst quarter of 2U4. 2. Prepare Sharpe Company's cash budget for the first quarter of 2024. Cash Payments First Quarter 2024 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor 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 Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Sharpe Company's cash budget for the tirst quarter Review the schedule of cash receipts from customers you prepared in Requi Review the schedule of cash payments you prepared in Requirement 1. Sharpe Company Cash Budget For the Quarter Ended March 31, 2024 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 Sharpe Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Requirement 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers 1. Prepare Sharpe Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Hrepare the schedule of casn payments tor the tirst quarter of 2U4. 2. Prepare Sharpe Company's cash budget for the first quarter of 2024. Cash Payments First Quarter 2024 Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2023 1st Qtr.-Direct material purchases Total payments for direct materials Direct Labor: Total payments for direct labor 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 Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. Requirement 2. Prepare Sharpe Company's cash budget for the tirst quarter Review the schedule of cash receipts from customers you prepared in Requi Review the schedule of cash payments you prepared in Requirement 1. Sharpe Company Cash Budget For the Quarter Ended March 31, 2024 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