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Vinson Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Vinson Company: (Click the icon to view the data.) Requirement 1. Prepare Vinson 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 qua Cash Receipts from Customers Total sales Cash Receipts from Customers: First Quarter 2024 Accounts Receivable balance, December 31, 2023 1st Qtr-Sales 22,500 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Data table More info a. Capital expenditures include $43,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 60% of sales in the quarter of the sale and 40% 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 $40,000 and is paid in the quarter incurred. f. Vinson 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 $32,000, in Accounts Receivable is $22,500, and in Accounts Payable is $8,000. Total sales $ 218,000 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 40,150 36,500 1,100 900 6,833 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 3,000 1,600 500 2,180

Vinson Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Vinson Company: (Click the icon to view the data.) Requirement 1. Prepare Vinson 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 qua Cash Receipts from Customers Total sales Cash Receipts from Customers: First Quarter 2024 Accounts Receivable balance, December 31, 2023 1st Qtr-Sales 22,500 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Data table More info a. Capital expenditures include $43,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 60% of sales in the quarter of the sale and 40% 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 $40,000 and is paid in the quarter incurred. f. Vinson 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 $32,000, in Accounts Receivable is $22,500, and in Accounts Payable is $8,000. Total sales $ 218,000 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 40,150 36,500 1,100 900 6,833 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 3,000 1,600 500 2,180

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vinson Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Vinson Company: (Click the icon to view the data.) Requirement 1. Prepare Vinson 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 qua Cash Receipts from Customers Total sales Cash Receipts from Customers: First Quarter 2024 Accounts Receivable balance, December 31, 2023 1st Qtr-Sales 22,500 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Data table More info a. Capital expenditures include $43,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 60% of sales in the quarter of the sale and 40% 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 $40,000 and is paid in the quarter incurred. f. Vinson 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 $32,000, in Accounts Receivable is $22,500, and in Accounts Payable is $8,000. Total sales $ 218,000 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 40,150 36,500 1,100 900 6,833 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 3,000 1,600 500 2,180
Transcribed Image Text:Vinson Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Vinson Company: (Click the icon to view the data.) Requirement 1. Prepare Vinson 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 qua Cash Receipts from Customers Total sales Cash Receipts from Customers: First Quarter 2024 Accounts Receivable balance, December 31, 2023 1st Qtr-Sales 22,500 Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Data table More info a. Capital expenditures include $43,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 60% of sales in the quarter of the sale and 40% 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 $40,000 and is paid in the quarter incurred. f. Vinson 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 $32,000, in Accounts Receivable is $22,500, and in Accounts Payable is $8,000. Total sales $ 218,000 Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 40,150 36,500 1,100 900 6,833 Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 4,000 3,000 1,600 500 2,180
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