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 Cash Receipts from Customers Total sales Cash Receipts from Customers Accounts Receivable balance. December 31, 2023 1st O-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024 1st O-Sales, collected in 2nd Car First Quarter 2024 Prepare the schedule of cash payments for the first quarter of 2024 Cash Payments Tutat drect materials purchases Cash Payments Duect Materials Accounts Payable balance December 31, 2023 1st Ok-Drect material purchases 218000 First Quarter 2024 D Data table Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense $ 4 218,000 41,450 37,000 1,075 700 6,950 9,000 3,500 1,400 100 4.360 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 50% in the quarter purchased and 40% 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 $43,000 and is paid in the quarter incurred 1. 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.
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 Cash Receipts from Customers Total sales Cash Receipts from Customers Accounts Receivable balance. December 31, 2023 1st O-Sales Total cash receipts from customers Accounts Receivable balance, March 31, 2024 1st O-Sales, collected in 2nd Car First Quarter 2024 Prepare the schedule of cash payments for the first quarter of 2024 Cash Payments Tutat drect materials purchases Cash Payments Duect Materials Accounts Payable balance December 31, 2023 1st Ok-Drect material purchases 218000 First Quarter 2024 D Data table Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense $ 4 218,000 41,450 37,000 1,075 700 6,950 9,000 3,500 1,400 100 4.360 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 50% in the quarter purchased and 40% 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 $43,000 and is paid in the quarter incurred 1. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Cash Receipts from Customers
Total sales
Cash Receipts from Customers
Accounts Receivable balance, December 31, 2023
1st Otr-Sales
Total cash receipts from customers
Accounts Receivable balance, March 31, 2024
1st Otr-Sales, collected in 2nd Otr
First Quarter
2024
Prepare the schedule of cash payments for the first quarter of 2024
Cash Payments
Total direct materials purchases
Cash Payments
Direct Materials:
Accounts Payable balance, December 31, 2023
1st Of Direct material purchases
218000
HO
First Quarter
2024
▷
Data table
Total sales
Budgeted purchases of direct materials
Budgeted direct labor cost
Budgeted manufacturing overhead costs.
Variable manufacturing overhead
Depreciation
Insurance and property taxes
Budgeted selling and administrative expenses:
Salaries expense
Rent expense
Insurance expense
Depreciation expense
Supplies expense
S
k
218,000
41,450
37,000
1,075
700
6,950
9,000
3,500
1,400
100
4,360
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 selling 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.
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