Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve for cash payments. Thank you! Humble Cormpany has provided the following budget information for the first quarter of 2018 (Click the icon lo

Please solve for cash payments. Thank you! image text in transcribed
image text in transcribed
Humble Cormpany has provided the following budget information for the first quarter of 2018 (Click the icon lo view the budget informationi) Addifional data related to the first quarter of 2018 for Humble Company iClick the icon to view the data.) Prepare the schedule of cash payments for the first quarter of 2018. 16 Humble Company has provided the following budget informabion for the frst quarter of 2016 . (Click the loon to view the budget information.) Additional data relslod to the frat quarter of 2013 for Humblo Concany. (1) (Click the icon to view the data). More info Road the reguirements. Data table \begin{tabular}{lrr|} \hline Total sales & 5 & 218,000 \\ Budgeted purchases of direct malerials & 41,700 \\ Budgeted direct labor cost & 37,100 \\ Budgeled manufocturing ovechead costs: & \\ Variable manutacturing overhead & 1,000 \\ Depreciation & 1,000 \\ Insurance and propeny taves & 6,750 \\ Budgeted seling and adrunistrative expenses: & \\ Solaries expense & 11,000 \\ Rent expense & 3.000 \\ insurance expense & 1,900 \\ Depreclation oxpense & 300 \\ Suppies expense & 8.720 \\ \hline \end{tabular} Capital expencituros indude 53,000 for new marulscturieg equprsent to be a. purchased and paid in the frst euaree: Cash recepts are 65% of aaies in the quarter of the sale and 35% in the b. quarter following the sab. Direct msiorials purchases are pais 70% in the quarter purchased and 90% in c. the next euarter Direct tabor, manufacturing overhead, and seling and administafive costs are d. paid in the quarter incurred. income tax expense for the first euater is projected at 341,000 and is pad in -. the euarter incumed. Humble Company expects to have adequare cash finds and does not f. antepose borrowing in the firat quaver. The December 31, 2017, balance in Cash is $32,000, in Accocunts Proceivable 9. is $17,900, and in Accounts Payable is 312.800 Pint Done Done Clear all

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Accounting For Beginners

Authors: Warren Piper Ruell

1st Edition

1654626090, 978-1654626099

More Books

Students also viewed these Accounting questions