Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the infomation about the company's upcoming cash receipts and cash disbursements (Click the icon to view the information) Requirements Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined. 2 Prepare a combined cash budget. I no financing activity takes place, what is the budgeted cash balance on February 287 Requirement 1a. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. . Brett's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total Cash sales Collection on credit sales Total cash collections b. Prepare a schedule of budgeted cash payments for purchases for January and February. Show totals for each month and totals for January and February combined. Brett's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February Total 40% of current month DM purchases 60% of last month's DM purchases ......... Total cash payments c. Prepare a schedule of budgeted cash 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 used in the table, leave the input field empty, do not enter a zero. Round all amounts to the nearest dollar.) () Brett Restaurant Supply Cash Payments for Operating Expenses Budget More Info For the Months Ended January 31 and February 28 January February Total a. Sales are 70% cash and 30% credit Credit sales are collected 10% in the month of sale and the Variable cash operating expenses remainder in the month after sale. Actual sales in December were $54.000. Schedules of budgeted sales for the two months of the upcoming year are as folows Sales commissions: December Budgeted Sales Sales commissions: January Revenue January ............. S Sales commissions: February 60.000 February 68.000 Total variable cash operating expenses b. Actual purchases of direct materials in December were $25.500. The company's purchases of direct Fixed cash operating expenses materials in January are budgeted to be $20,500 and $28,000 in February. All purchases are paid Sales salaries December 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 Sales salaries: January salaries were $7.000 in December. Budgeted salaries in January are 58.000 and February budgeted salaries are $9,500. Sales commissions each month are 15% of that month's sales Sales salaries February d. Rent expense is $3,000 per month Rent expense e. Depreciation is $2,100 per month 1. Estimated Income tax payments are made at the end of January. The estimated tax payment is Tax expense The cash balance at the end of the prior year was $20.000, Totalfixed 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 287 . 28? Print Done Bretr's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 February 2 months Beginning cash balance Plus Cash collections from customers Total cash available Less cash payments: Direct material purchases January Operating expenses Total cash payments Ending cash balance