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 80% of sales in the quarter of the sale and 20% 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 $48,000 and is paid in the quarter incurred. f. Humble 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 $10,000, in Accounts Receivable is $22,500, and in Accounts Payable is $11,600. Requirement 1. Prepare Humble 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 \begin{tabular}{l|l|} \hline Total direct materials purchases & 2024 \\ \hline Cash Payments & \\ \hline \end{tabular} 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 Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Requirement 2. Prepare Humble Company's cash budget for the first quarter of 2024. Review the schedule of cash receipts from customers you prepared in Requirement 1