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Question list Additional Data a. Capital expenditures include $36,000 for new manufacturing equipment to...

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Accounting

Question list
Additional Data
a. Capital expenditures include $36,000 for new manufacturing equipment to be
purchased and paid in the first quarter.
b. Cash receipts are 70% of sales in the quarter of the sale and 30% in the
quarter following the sale.
c. Direct materials purchases are paid 70% in the quarter purchased and 30% 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 $48,000 and is paid in
the quarter incurred.
f. Haney Company expects to have adequate cash funds and does not anticipate
borrowing in the first quarter.
g. The December 31,2024, balance in Cash is $25,000, in Accounts Receivable
is $22,500, and in Accounts Payable is $12,500.
Requirements
Prepare Haney Company's schedule of cash receipts from customers and
schedule of cash payments for the first quarter of 2025.
Prepare Haney Company's cash budget for the first quarter of 2025.
Budget Information
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