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Puckett Company has provided the following budget information for the first quarter of 2024: E (Click the icon to view the budget information.) - - X Data table hedule of $ 216,000 40,600 36,800 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 1,025 1,000 6,650 Rent expense 14,000 2,500 2,000 Insurance expense Depreciation expense Supplies expense 350 4,320 Print Done Additional data related to the first quarter of 2024 for Puckett Company: (Click the icon to view the data.) Read the requirements. - -X Requirements 1. Prepare Puckett Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Puckett Company's cash budget for the first quarter of 2024. Print Done Requirement 1. Prepare Puckett Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers First Quarter 2024 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2023 1st Qtr - Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qir-Sales, collected in 2nd Qtr. - X More info 20 a. Capital expenditures include $41,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% 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 $49,000 and is paid in the quarter incurred. f. Puckett Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2023, balance in Cash is $25,000, in Accounts Receivable is $21,600, and in Accounts Payable is $16,500. Print Done

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