Langley Company has provided the following budget information for the first quarter of 2016 : (Click the icon to view the budget information.) Additional data related to the first quarter of 2016 for Langley Company: (Click the icon to view the data.) Read the requirements. Data table Requirement 1. Prepare Langley Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016. Cash Receipts from Customers More info a. Capital expenditures include $40,000 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 $43,000 and is paid in the quarter incurred. f. Langley 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 $15,000, in Accounts Receivable is $23,200, and in Accounts Payable is $14,500