Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 2PA: Transactions related to revenue and cash receipts completed by Albany Architects Co. during the...
See similar textbooks
icon
Related questions
Topic Video
Question
please answer in text with all working no image no handwritten
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. |
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. |
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS