Homework: Chapter 22 Homework Score: 0 of 20 pts 5 of 6 (4 complete) P22-39A (similar to) Humble Company has provided the following budget information for the first quarter of 2018 (Click the icon to view the budget information) Additional data related to the fi (Click the icon to view the Read the requirements Requirement 1. Prepare Humble Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Receipts from Customers First Quarter 2018 Total sales 208000 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qur-Sales 20300 Total cash receipts from customers Enter any number in the edit fields and then click Check Answer 4 Darts Clear All remaining 5 of 6 (4 complete) Data Table $ 208,000 41,000 37,400 1.100 700 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 6,550 8,000 1.000 1,700 150 6.240 Print Done acer work 5 of 6 (4 complete) 1 * More Info Capital expenditures include $45.000 for new manufacturing equipment to be a. purchased and paid in the first quarter. Cash receipts are 70% of sales in the quarter of the sale and 30% in the b. quarter following the sale. Direct materials purchases are paid 50% in the quarter purchased and 50% in c. the next quarter. Direct labor, manufacturing overhead, and selling and administrative costs are d. paid in the quarter incurred Income tax expense for the first quarter is projected at $44,000 and is paid in e. the quarter incurred. Humble Company expects to have adequate cash funds and does not fi anticipate borrowing in the first quarter. The December 31, 2017 balance in Cash is $35,000, in Accounts Receivable g. is $20,300, and in Accounts Payable is $17,300, Print Done Clear All acer Score: 0 of 20 pts 22-39A (similar to) Humble Company has provided the following budget information for the first quarter of 201 (Click the icon to view the budget information.) First Quarter 2018 Total sales 208000 Cash Receipts from Customers: Accounts Receivable balance. December 31, 2017 20300 Ist Otr-Sales Total cash receipts from customers. Accounts Receivable balance, March 31, 2018: 1st Qur-Sales, collected in 2nd Qtr. Enter any number in the edit fields and then click Check Answer 4 parts remaining