Humble Company has provided the following budget information for the first quarter of 2024: (Click the icon to view the budget information.) Additional data related to the first quarter of 2024 for Humble Company: (Click the icon to view the data.) 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 2024. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024. Cash Receipts from Customers Total sales Cash Receipts from Customers: First Quarter 2024 213000 Accounts Receivable balance, December 31, 2023 32000 1st Qtr-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024: 1st Qtr.-Sales, collected in 2nd Qtr. Prepare the schedule of cash payments for the first quarter of 2024. Cash Payments Total direct materials purchases 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 Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments Accounts Payable balance, March 31, 2024 1st Qtr.-Direct materials purchases, paid in 2nd Qtr. 159750 First Quarter 2024 More info a. Capital expenditures include $38,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% 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 $44,000 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 $32,000, in Accounts Receivable is $23,200, and in Accounts Payable is $12,500. Data table Print Done Total sales $ 213,000 Budgeted purchases of direct materials 41,000 Budgeted direct labor cost 36,500 Budgeted manufacturing overhead costs: Variable manufacturing overhead 1,150 Depreciation 1,200 Insurance and property taxes 6,850 Budgeted selling and administrative expenses: Salaries expense 7,000 Rent expense 1,500 Insurance expense 1,500 Depreciation expense Supplies expense 300 8.520 Print Done