Question

ang Company has provided the following budget information for the first quarter of 2018: Click the icon to view the budget information.) Additional data related to the first quarter of 2018 for Vang Company (Click the icon to view the data.) Read Х More Info Requirement 1. Prepare Vang Company's schedule of cash receipts from customers and schedule of cash payments for th Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018 Cash Receipts from Customers First Quarter 2018 Total sales 209000 Capital expenditures include $40,000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 75% of sales in the quarter of the sale and 25% in the b. quarter following the sale. Direct materials purchases are paid 70% in the quarter purchased and 30% 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 $50,000 and is paid in e. the quarter incurred. Vang 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 $35,000, in Accounts Receivable g. is $22,800, and in Accounts Payable is $8,000. Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.-Sales 156750 nter any number in the edit fields and then click Check Answer. narts

Answer 1

Schedule of cash receipts for first quarter 2018

Particulars	$
Receipts from sales ($209,000*75%)	$156,750
Accounts Receivable (25% of sales of previous quarter which is received this quarter)	$22,800
Total	$179,550

Schedule of cash payments for first quarter 2018

Particulars	$
Payment for purchase of DM($41,450*70%)	29015
Account payable	8000
Capital expense to be paid in this quarter	40,000
DL Cost	37,000
VMOH	1225
Insurance and property tax	6850
Salary	9000
Rent	5500
Insurance expense	2100
Supplies	2090
Income tax expense	50,000
Total	190,780