Haney Company has provided the following budget information for the first quarter of 2016: Requirement 2. Prepare Haney Company's cash budget for the first quarter of 2016. Review the schedule of cash receipts from customers you prepared in Requirement 1. Review the schedule of cash davments vou bredared in Requirement 1 . Reference Reference Reference Reference Data table a. Capital expenditures include $44,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 80% of sales in the quarter of ifie sale and 20% in the quarter following the sale. c. Direct materials purchases are paid 50% in the quarter purchased and 50% 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. Haney Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31,2015 , balance in Cash is $28,000, in Accounts Receivable is $21,600, and in Accounts Payable is $9,000