Irwin Company has provided the following budget information for the first quarter of 2018: (Click the icon to view the budget information.) Requirement 1. Prepare Irwin 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 2018 211000 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.–Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.—Sales, collected in 2nd Qtr. i Data Table Total sales 211,000 40,750 37,300 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: 1,125 500 6,800 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 12,000 2,000 1,900 600 10,550 Print Done More Info – X a. Capital expenditures include $38,000 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 $41,000 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, 2017, balance in Cash is $40,000, in Accounts Receivable is $25,400, and in Accounts Payable is $17,300. | Print | Done ] 0 Requirements 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. 2. Prepare Irwin Company's cash budget for the first quarter of 2018. Print Done P22-39A (similar to) E Question Help Irwin Company provided the folowing budget information for the list guaiter of 2018 Click the icon to view the budget information) Additional de l to the s wim of 2018 forliwin Company A Cick the icon to view the data) Read the requirements Requirements Requirement 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Begin by preparing the sedule of cash receipts from customers for the first quarter of 2018 Cash Heceipts from Customers © Data Table Final Quurler – X 1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 2. Prepare lwin Company's cash budget for the first quarter of 2018 2018 211000 Print Done Tti1ને નમન Cash Recipe from Custom Accounts Recah lanca December 31, 2017 1st Sales 211,000 40.750 37,300 1125 * More Info Tti1M 1 11 1ણામાંti: [11111 Janખાસ 500 Total sales Budented of direct materials Budgeted direct labor cost Budgeted manufacturing over and costs: Variable manufacturing overhead Depreciation Ing. ACA And property IRTA Budgeted scling and administrative expenses Salarias expand Ren pense Insurance expense Depreciation AXORA 6.800 Accounts Receivable balance, March 31, 2018: 1st Otr. Sales collected in and or 12.000 2.000 1,900 a. Capital expenditures include DOO Por new manufacturing equipment to be purchased and paid in the first quarter. b. Ceshte 85% of als in the qunle ule ule und 15% in the quarter tollowing the sale c. Direct materials purchases are paid 60% in the quarter purchased and 50% in The next d. Direct labor manufacturing overhead, and soling and administrative costs are paid in the quarter incurred. 6. Income tax pense for the frequenter is projected at 541.000 and is in the quarter incurred f. Irwin Company expects to have adequate cash funds and does not anticipate howing in the first Quarter a. The December 31, 2017, balance in Cash is $40,000, in Accounts Receivable is 525 400, und in Accounts Payable is $17.300 Supplies expense 10 550 Print Done Print Dune Enter any number in the catrelds and then click Check Answer

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