Haney Company has provided the following budget information for the first quarter of 2024 . Additional data related to the first quarter of 2024 for Haney Company H (Click the icon to viaw the budget information.) (CFeck the icon to view the data.) Read the cequirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash paymenta for the first quarfer of 2024. Begin by preparing the scheduse of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers a. Capital expenditures include $40,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 65% of sales in the quarter of the sale and 35% 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 $47,000 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 31,2023 , balance in Cash is 535,000 , in Accounts Receivable is $25,400, and in Accounts Payable is $12,500. Prepare the schedule of cash payments for the first quarter of 2024 . Cash Payments Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr-Direct materials purchases, paid in 2 nd Qtr. Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Income taxes Capital expenditures Total cash payments Ending cash balance