Humble Company has provided the following budget information for the first quarter of 2024.
- Prepare Humble Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024
- Prepare Humble Company's cash budget for the first quarter of 2024.
Humble Company has provided the following budget Additional data related to the first quarter of 2024 \begin{tabular}{|l|l|l|} \hline Selling and Administrative Expenses: \\ \hline \\ \hline \end{tabular} Next 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 Humble Company has provided the following budgel Additional data re 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 Review the schedule of cash payments you prepared in Requirement 1 Humble Company has provided the following budget Additional data related to the first quarter of 2024 \begin{tabular}{l||l|} \hline Total payments for direct materials & \\ \hline Direct Labor: & \\ \hline Total payments for direct labor & \\ \hline & \\ \hline Manufacturing Overhead: & \\ \hline \hline & \\ \hline & \\ \hline & \\ \hline Total payments for manufacturing overhead & \\ \hline \end{tabular} Next Humble Company has provided the following budget Additional data related to the first quarter of 2024 \begin{tabular}{l|l|} \hline \hline Total sales & \\ \hline Cash Receipts from Customers: & \\ \hline Accounts Receivable balance, December 31, & \\ \hline 1st Qtr-Sales & \\ \hline Total cash receipts from customers & \\ \hline \hline \end{tabular} Accounts Receivable balance, March 31, 2024 : 1st Qtr-Sales, collected in 2nd Qtr. Next Data table Humble Company has provided the following budget Additional data rel 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. Review the schedule of cash payments you prepared in Requirement 1. More info a. Capital expenditures include $42,000 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 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 $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 $14,000, in Accounts Receivable is $18,500, and in Accounts Payable is $9,000. Humble Company has provided the following budget Additional data related to the first quarter of 2024 Prepare the schedule of cash payments for the first quarter of 2024 Requirements 1. Prepare Humble Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024 2. Prepare Humble Company's cash budget for the first quarter of 2024
