Requirement 1. Prepare Humble Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2024 More info a. Capital expenditures include $39,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 70% of sales in the quarter of the sale and 30% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. d. Direct labor, manufacturing overhead, and seling 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. 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 $20,000, in Accounts Receivable is $22,800, and in Accounts Payable is $10,500