a. Capital expenditures include $38,000 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 $47,000 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 $22,800, and in Accounts Payable is $9,000. Prepare the schedule of cash payments for the first quarter of 2024. 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 Cash Budget For the Quarter Ended March 31, 2024 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Capital expenditures Total cash payments Ending cash balance 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. Humble Company has poovided the folowing budget information for the fest quarier of 2024 : Click the icon so view the budget infoemation) Addbonal dats related to the fint quartar of 2024 for Humbie Compary (Click the icon to view the data) Read the tequirements Requirement 1. Prepare Humble Company's schedule of cash receipls from customers and scheole of cash payments for the first quarter of 2024 Begin by preparing the schedule of cash recoigts from customers for the first pualer of 2024 Cash Receipts frem Customers 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 . 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 ny has provid ton to view th Data table related to the firs con to view the rements. Prepare Hu the first quarter