a. Sales are 70% cash and 30% credit. Credit sales are collected 30% in the month of sale and the remainder in the month after sale. Actual sales in December were $55,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: Budgeted Sales Revenue January $ 64,000 February $ 67,000 b. Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $23,000 and $26,000 in February. All purchases are paid 40% in the month of purchase and 60% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $8,000 in December. Budgeted salaries in January are $9,000 and February budgeted salaries are $10,500. Sales commissions each month are 10% of that month's sales. d. Rent expense is $3,200 per month. e. Depreciation is $2,600 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500. 9. The cash balance at the end of the prior year was $21,000. Best Supply is preparing the cash budget for the first two more the icon to the tomation Requirements 1 Prepareshes of a budete cholection, the homes for purchases, and budgeted cash payments for operating per Shows for each month and straty and Februarycomand 2 Prepare a combined budget orcing activity is place, what is the budgeted cash balance on February 2017 Requirement ta. Prepare a due of buted cash cofections for donumy and February, Stow to breach month and this for January and Forum.com Bran's Restaurant Supply Cash Collections Badget For the Months Ended January 31 and February 28 January February Total Colection on credit Total cash collections Prepare a schedule of budged ch payment for purchases for January and February. Show toals for each month and tools for January and obnary combined n. Prepare a scheduled cash payments for purchases for January and February, Showtos for each month and Brian's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February Total 20% of current month DM purchases 60% of last month OM purchases Total cash payments c. Prepare a schedule of budgeted the payments for operating expenses for January and February Show totals for each month and totals for January and February combined (if an input field is not table, inave the input field emply do not enter a Round al amounts to the nearest dollar) Total Brian Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 January February Variable cash operating expenses Sales commissions: December Sales commissions: January Sales commissions: February Total variable cash operating expenses Fixed cash operating expenses Enter any number in the edit fields and then continue to the next question Requirements 1 and February combined 2 Prepare schedules of (a) budgeted cath collections, (b) budgeted cloh payments for purchases, and (c) budgeted cash payments for operating expenses Prepare a combined canh budget. I no financing activity takes place, what in the budgeted cash balance on February 28? Total variable cash operating expenses Food cash operating expenses Salon stories December Sales salaries: January Sales salarios: February Font expense Tax expense Total fixed cash operating expenses Total cash payments for operating expenses Requirement 2. Prepare a combined cash budget for January and February. If no financing activity takes place, what is the budgeted cash balance on February 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? For the Months Ended January 31 and February 28 January February 2 months Beginning cash balance Plus Cash collections from customers Total cash available Less cash payments: Direct materials purchases Operating expenses Total cash payments Ending cash balance