P22-39A (similar to) Question He 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 first quarter of 2018 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 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 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr.-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.Sales, collected in 2nd Qtr. UUUIU. U UILU PJ UUIUL UUNIPIULU) UCOID TV2U, TOOL 100 - P22-39A (similar to) Question Help 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 first quarter of 2018 for Humble Company: A (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 2018. Begin by prepari Cash Receipts 0 Data Table 0 More Info Total sales Total sales 211,000 40,450 37,400 Cash Receipts Accounts Recei Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead 1st Qtr.Sales a. Capital expenditures include $37,000 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 70% in the quarter purchased and 30% 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 $41,000 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, 2017, balance in Cash is $10,000, in Accounts Receivable is $15,500, and in Accounts Payable is $10,500. Total cash recei 1,050 700 6,800 Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Accounts Rece 1st Qtr.Sales, Salaries expense Rent expense Insurance expense 4,000 4,500 2,100 100 10,550 Depreciation expense Supplies expense Print [Done] Print Done Enter any numb