Haney Company has provided the following budget information for the first quarter of 2016 (Cck the icon to view the budget information.) Additional data related to the first quarter of 2016 for Haney Company Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs. 213.000 41,450 36,800 (Click the lcon to view the data ) Read the requirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016 Cash Receipts from Customers 1,075 1,100 6,950 Variable manufacturing overhead Insurance and property taxes Budgeted selling and administrative expenses First Quarter 10,000 1,800 2,000 100 6,390 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 2016 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2015 st Qr-Sales Total cash receipts from customers 22,500 138,450 160,950 Requirements Print Done Accounts Receivable balance, March 31, 2016: 1. Prepare Haney Company's schedule of cash receipts from customers and Enter any number in the edit fields and then click Check Answer schedule of cash payments for the first quarter of 2016. Haney Company has provided the following budget infonmation for the first quarter of 2016 EEB (Click the icon to view the budget information.) Additional data related to the first quarter of 2016 for Haney Company 213,000 41,450 36,800 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs (Click the icon to view the data.) Read the requirements. Begin by preparing the schedule of cash receipts trom customers for the first quarter of 2016 Cash Receipts from Customers Variable manfacturing overhead 1,075 1.100 6,950 First Quarter Insurance and property taxes Budgeted selling and administrative expenses 2016 Total sales Cash Receipts from Customers Accounts Receivable balance, December 31, 2015 st Qtr-Sales Total cash receipts from customers 10,000 1.800 2,000 100 6,390 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 22,500 138,450 160,950 6 Requirements Print Done Accounts Receivable balance, March 31, 2016: 1st Qtr-Sales, collected in 2nd Gtr 1. Prepare Haney Company's schedule of cash receipts from customers and Enter any number in the edit fields and then click Check Answer schedule of cash payments for the first quarter of 2016 2. Prepare Haney Company's cash budget for the first quarter of 2016 E Question Help Data Table More Info 20 Total sales Budgeted purchases of direct materials Budgeted direct labor cost 213,000 41,450 36,800 a. Capital expenditures include $39,000 for new manufacturing equipment to be b. Cash receipts are 65% of sales in the quarter of the sale and 35% in the c. Direct materials purchases are paid 50% in the quarter purchased and 50% in d. Direct labor, manufacturing overhead, and selling and administrative costs are e. Income tax expense for the first quarter is projected at $43,000 and is paid in purchased and paid in the first quarter quarter following the sale the next quarter paid in the quarter incurred 6Budgeted manufacturing overhead costs Variable manufacturing overhead 1075 100 6.950 Insurance and property taxes Budgeted selling and administrative expenses the quarter incurred Haney Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter 10 000 1800 2.000 100 6.390 Salarles expense Rent expense Insurance expense Depreciation expense Supplies expense f. g. The December 31, 2015, balance n Cash is $35,000, in Accounts Receivable is $22,500, and in Accounts Payable is $16,500 PrintDone Print Done Haney Company has provided the following budget information for the first quarter of 2016 (Cck the icon to view the budget information.) Additional data related to the first quarter of 2016 for Haney Company Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs. 213.000 41,450 36,800 (Click the lcon to view the data ) Read the requirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016 Cash Receipts from Customers 1,075 1,100 6,950 Variable manufacturing overhead Insurance and property taxes Budgeted selling and administrative expenses First Quarter 10,000 1,800 2,000 100 6,390 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 2016 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2015 st Qr-Sales Total cash receipts from customers 22,500 138,450 160,950 Requirements Print Done Accounts Receivable balance, March 31, 2016: 1. Prepare Haney Company's schedule of cash receipts from customers and Enter any number in the edit fields and then click Check Answer schedule of cash payments for the first quarter of 2016. Haney Company has provided the following budget infonmation for the first quarter of 2016 EEB (Click the icon to view the budget information.) Additional data related to the first quarter of 2016 for Haney Company 213,000 41,450 36,800 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs (Click the icon to view the data.) Read the requirements. Begin by preparing the schedule of cash receipts trom customers for the first quarter of 2016 Cash Receipts from Customers Variable manfacturing overhead 1,075 1.100 6,950 First Quarter Insurance and property taxes Budgeted selling and administrative expenses 2016 Total sales Cash Receipts from Customers Accounts Receivable balance, December 31, 2015 st Qtr-Sales Total cash receipts from customers 10,000 1.800 2,000 100 6,390 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 22,500 138,450 160,950 6 Requirements Print Done Accounts Receivable balance, March 31, 2016: 1st Qtr-Sales, collected in 2nd Gtr 1. Prepare Haney Company's schedule of cash receipts from customers and Enter any number in the edit fields and then click Check Answer schedule of cash payments for the first quarter of 2016 2. Prepare Haney Company's cash budget for the first quarter of 2016 E Question Help Data Table More Info 20 Total sales Budgeted purchases of direct materials Budgeted direct labor cost 213,000 41,450 36,800 a. Capital expenditures include $39,000 for new manufacturing equipment to be b. Cash receipts are 65% of sales in the quarter of the sale and 35% in the c. Direct materials purchases are paid 50% in the quarter purchased and 50% in d. Direct labor, manufacturing overhead, and selling and administrative costs are e. Income tax expense for the first quarter is projected at $43,000 and is paid in purchased and paid in the first quarter quarter following the sale the next quarter paid in the quarter incurred 6Budgeted manufacturing overhead costs Variable manufacturing overhead 1075 100 6.950 Insurance and property taxes Budgeted selling and administrative expenses the quarter incurred Haney Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter 10 000 1800 2.000 100 6.390 Salarles expense Rent expense Insurance expense Depreciation expense Supplies expense f. g. The December 31, 2015, balance n Cash is $35,000, in Accounts Receivable is $22,500, and in Accounts Payable is $16,500 PrintDone Print Done