**Schedule of Cash Receipts and Payments for Vang Company***First Quarter of 2024*---**Requirement 1:** Prepare Vang Company’s schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024.**Cash Receipts from Customers:**- **Total Sales** (First Quarter 2024): $_____- **Cash Receipts from Customers:** - Accounts Receivable Balance, December 31, 2023: $_____ - 1st Quarter Sales: $_____ - Total Cash Receipts from Customers: $_____- **Accounts Receivable Balance, March 31, 2024:** - 1st Quarter Sales, collected in 2nd Quarter: $_____**Cash Payments:**- **Total Direct Materials Purchases** (First Quarter 2024): $_____- **Direct Materials:** - Accounts Payable Balance, December 31, 2023: $_____ - 1st Quarter 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: $_____**Data Table:**- **Total Sales:** $214,000- **Budgeted Purchases of Direct Materials:** $40,750- **Budgeted Direct Labor Cost:** $37,300- **Budgeted Manufacturing Overhead Costs:** - Variable Manufacturing Overhead: $1,050 - Depreciation: $1,300 - Insurance and Property Taxes: $6,800 - **Budgeted Selling and Administrative Expenses:** - Salaries Expense: $9,000 - Rent Expense: $4,000 - Insurance Expense: $1,800 - Depreciation Expense: $500 - Supplies Expense: $6,420 **More Info:**a. Capital expenditures include $35,000 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 60% in the **Educational Context: Budget Planning for Varcy Company**Varcy Company has provided the following budget information for the first quarter of 2016:- **Total payments for manufacturing overhead**- **Selling and Administrative Expenses**More detailed budget components include:### Data Table:- **Total sales:** $264,000- **Budgeted purchases of direct materials:** $72,000- **Budgeted direct labor costs:** $137,000- **Budgeted manufacturing overhead costs:** - Indirect materials: $11,300 - Indirect labor: $35,600 - Depreciation: $10,800 - Insurance: $4,500 - Utilities: $8,200- **Budgeted Selling and Administrative Expenses:** - Sales salaries and commissions: $39,500 - Office salaries: $24,200 - Depreciation, office equipment: $1,800 - Insurance and office: $6,450 - Utilities: $4,625### More Info:1. Capital expenditures include $10,000 for new manufacturing equipment to be installed and paid for in late January.2. Accounts payable from December purchases are 50% due in the first quarter and 50% in the second quarter.3. The cash balance on March 31 must be at least $15,000 to meet management’s requirements.4. Dividend payments in the first quarter are estimated to be $8,000.5. The forecast assumes short-term borrowing to cover cash deficits and excess cash is used to repay loans.6. Depreciation is recorded in the month of purchase.### Account Summary (as of March 31, 2016):- **Assets and Liabilities include:** - Expected collections from sales - Expected cash balance - Fixed budget elements and cash payments This data provides insight into Varcy Company's financial planning and the allocation of resources for smooth operations across the quarter.

Name: **Schedule of Cash Receipts and Payments for Vang Company***First Qua
Uploaded: 2024-03-04T10:43:15.000Z
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Description: **Schedule of Cash Receipts and Payments for Vang Company***First Quarter of 2024*---**Requirement 1:** Prepare Vang Company’s schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024.**Cash Receipts from

The question is given to prepare the cash budget of the Vang company. Cash budget: The cash budget refers to the estimation of cash inflows and outflows of a company for a particular accounting period. It can be prepared for a particular period like quarterly, weekly, etc. Workings: 1) The statement of cash receipts: Particulars Amount $ Total sales 214000 Cash receipts from customers: Accounts receivable on December 31, 2023 15500 1st quarter sales of the year 2024 214000 Cash receipts from customers $ (15500 * 15% ) + $ (214000 * 85%) 184225 1st quarter sales collected in 2nd quarter $ (214000 * 15%) 32100 2) The statement of cash payments: Particulars Amount $ Total direct material purchases 40750 Cash payments: Cash payment to direct materials on December 31, 2023, $ (17300 * 40%) 6920 1st quarter direct material purchases $ (40750 * 60%) 24450 Total payment for direct materials (a) 31370 Direct labor: 37300 Total payment for direct labor (b) 37300 Manufacturing overhead: Variable manufacturing costs 1050 Insurance and property taxes 6800 Total payment for manufacturing overhead (c) 7850 Selling and administrative expenses: Salaries expenses 9000 Rent expenses 4000 Insurance expenses 1800 Supplies expenses 6420 Income taxes paid 45000 Total payment for selling, and administrative expenses 66220In the books of Vang Company The statement of cash budget of Vang company for the first quarter, of 2024 Particulars Amount $ Total cash receipts: Cash collected from the customers (WN 1) 184225 Less: Total cash payments Total payment for direct materials (a) (31370) Total payment for direct labor (b) (37300) Total payment for manufacturing overhead (c) (7850) Total payment for selling, and administrative expenses (66220) Net cash flow 41485 Add: Beginning cash balance 14000 Ending cash balances at the end of the first quarter of 2024 55485

Business

Accounting

Requirement 1. Prepare Vang 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 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 Qtr-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments 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 First Quarter 2024 Selling and Administrative Expenses: First Quarter 2024 Data table Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes surance and Budgeted selling and administrative expenses: Salaries expense Rent expense Perk Insurance expense Depreciation expense Supplies expense Print Done $ 214,000 40,750 37,300 1,050 1,300 6,800 9,000 4,000 1,800 500 6,420 (Click the icon to view the data.) Read the requirements. - X More info a. Capital expenditures include $35,000 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 60% in the quarter purchased and 40% 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 $45,000 and is paid in the quarter incurred. f. Vang 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 $14,000, in Accounts Receivable is $15,500, and in Accounts Payable is $17,300. Print Done - X