X P22-39A (similar to) More Info Huber Company has provided the following budget information for the first quarter of 2018: E (Click the icon to view the budget information.) Additional data related to the first i (Click the icon to view the data, Read the requirements. Requirement 1. Prepare Huber 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 Data Table 2018 a. Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipls are 60% of sales in the quarter of the sale and 40% in the quarter following the sale. c. Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter. d. Direct labor, manufacturing overtiead, 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. Huber 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 $35,000, in Accounts Receivable is $18,500, and in Accounts Payable is $12,500. S Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 215,000 41,150 36,700 1st Qtr Sales Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manulacturing overhead Depreciation Print Done Total cash receipts from customers 1,075 1,400 6,500 Accounts Receivable balance, March 31, 2018: 1st Qir Sales, collected in 2nd Qir. Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 8,000 4,500 1,900 200 2,150 Print Done Enter any number in the edit fields and then click Check Answer. ? 4 parts Clear All Check Answer remaining