Learning Objective 4 - vuuget for the first quarter of 2017. 7-40A Preparing a financial budget-schedule of cash receipts, schedule of cash payments, cash budget Humble Company has provided the following budget information for the first quarter of 2016: the first quarter 1. Total cash pmts. $187.127 2. Ending Cash bal. 525,573 2. erkan serta 983 $ 208,000 40,150 37,300 1,119 1,000 6,833 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 6,000 1,500 1,700 200 10,400 Additional data related to the first quarter of 2016 for Humble Company a. Capital expenditures include $37.000 for new manufacturing equipment purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% in the following the sale. c. Direct materials purchases are paid 50% in the quarter purchased and 50% in next quarter. d. Direct labor, manufacturing overhead, and selling and administrative costs in the quarter incurred. e. Income tax expense for the first quarter is projected at $50,000 and is paid in a quarter incurred. f. Humble 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 $40,000, in Accounts Receivables $16,700, and in Accounts Payable is $15,200. istrative costs are paid Requirements 1. Prepare Humble Company's schedule of cash receipts from customers and sched of cash payments for the first quarter of 2016. 2. Prepare Humble Company's cash budget for the first quarter of 2016