Accounting 202-01 Spring Po to Managerial Accounting MADELINE Homework: Homework 6 Score: 0.41 of 1 pt 1 of 1 (1 complete) PM7-52B (similar to) Knobbles Company's budget committee provides the following information: (Click the icon to view the information.) Read the requirements mation.) - X Requirements 80% int du He. hR En 1. Prepare the schedule of cash receipts from customers for January and February 2024. Assume cash receipts are 80% in the month of the sale and 20% 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 accrual for Salaries and Commissions Payable is for commissions 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. Print Done X pro Data Table n. December 31, 2023, account balances: ts of Cash $ 28,000 Accounts Receivable 15,000 SCO 18,000 13,000 ceip ed F 2,650 January February $ 83,000 $ 84,100 41,700 Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2024: Sales, all on account Purchases, all on account Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense 41,100 4,150 4,205 6,500 6,500 3,000 3,000 500 500 200 200 1,600 1,600 ss and the Print Done Clear All