Baxter Company's budget committee provides the following information: a (Click the icon to view the information.) Read the muirements. Requirement 1. Prepare the schedule of cash receipts from customers for January and Febru Data tame following the sale. December 31, 2023, account balances: Cash $ 26,000 Accounts Receivable 19,000 Merchandise Inventory 25,000 Current month sales, 80% I _ Accounts Payable 11,000 Prior month sales, 20% Salaries and Commissions Payable 2,950 Total cash receipts I Budgeted amounts for 2024: January February Requirement 2. Prepare the schedule of cash payments for purchases for January and Febru Sales, all on account 3; 31900 $ 32,300 month following the purchase. Purchases, all on account 40,600 41,500 Commissions Expense 4,050 4,140 Salaries Expense 3,500 3,500 Rent Expense 2,400 2,400 February Depreciation Expense 900 900 40% of last month's purchases Insurance Expense 300 300 Income Tax Expense 2,400 2,400 60% of current month's purchases Total cash payments for purchases Requirement 3. Prepare the schedule of cash payments for selling and administrative expens Commissions Payable is for commissions and 60% is for salaries. The December 31 balance - . . . . . Print Done 70% in the followrng month. Rent and Income tax expenses are paid as Incurred. Insurance e