- 1 Requirements D $ 15.000 14.000 1. Prepare the schedule of cash tits from customers for January and February 2024. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale 2. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 60% in the month of purchase and 40% in the month following the purchase 3. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2024. Assume 40% of the actor Salaries and Commons Payable is for corrmissions and 60% is for salaries. The December 31 balance will be paid in January Salaries and commissions are paid 60% in the month incurred and 40% in the following month. Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount 4. Prepare the cash budget for January and February 2024. Assume no financing took place December 31, 2023 account balances Cash Accounts Receivable Merchandise triventory Accounts Payable Sales and Commissions Payable Budgeted amounts for 2024 Sales, all on account Purchases, all on account Commissions Expense Salaries Expanse Rent Expenso Depreciation Expense 17.000 16.000 2600 January February $ 84000 S 85 300 41.200 42.000 4.200 4265 3.000 3.000 2.600 2.000 300 300 Print Done Print Done Paperclip Company's budget committee provides the following information: mick the icon to view the information Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2004 Assume cash receipts are cow in the month of the sale and 40 in the month following the sale. Paperclip Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2024 January February Current month sales 60% 50400 51180 14000 33600 Prior month sales 40% Tal cash receptes 54400 84780 2924. Asume purchases are paid 60% in the month of purchase and 40% in the month following the purchase Requirement 2. Prepare tho schedule of cash payments for purchases for January and February 2004. Asuno purchases are paid on the month of purchase and 80% e mentholowing the purchase Paperclip Company Budgeted Cash Payments for Purchases Two Months Ended February 28, 2024 January February 16000 15480 40% of last month's purchases 24720 25200 60% of current month's purchases 40720 41680 Totalcash payments for purchases ebay 2004 Assume and Conssions Payable is for firma Renta come Requirement 3. Prepare the schedule of cash payments for selling and administrave expenses for January and February 2024. Assume 40% of the accnsal for Salaries wid Comunions Payable for commissions and 60% is for salaries. The December 31 balance will be paid in January, Salates and commissions are paid in the month woaned and 40% in the following month. Rent and income tax expenses are pad as incurred. Intrance expense is an expiration of the prepaid amount (Round your answers to the nearest whole number Paperclip Company Budgeted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2024 January February Variable expenses 40% of last month's Commission Expanse 1040 1680 2520 ON of currently's Common Expense 2552 Total payment for variable 3500 230 Fixed expenses 1040 1200 40% of last month's Sataries Expense 1800 1800 00% of current month's Sa Expense 2000 2000 Rent expense ERRA Paperclip Company's budget committee provides the following information: (Click the icon to view the information) Two Months Ended February 28, 2024 January February 1680 1040 2520 2559 Variable expenses: 40% of last month's Commission Expenso 60% of current month's Commission Expense Total payments for variable expenses Fixed expenses 40% of last month's Salaries Expense 60% of current month's Salaries Expense 3560 4239 1040 1200 1800 Rent expense 1800 2600 2600 5440 5600 Total payments for fixed expenses Total payments for S and A expenses 9000 9839 Requirement 4. Prepare the cash budget for January and February 2024. Assume no financing took place. Requirement 4. Prepare te casn Duaget for January and repruary 2024. Assume no tinancing took place, Paperclip Company Cash Budget Two Months Ended February 28, 2024 January February Beginning cash balance Cash receipts from customers Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Payments for income taxes Total cash payments Ending cash balance