Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: a Click the icon to view the information.) Requirements 1. 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. If no financing activity takes place, what is the budgeted cash balance on February 28? 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. 1 More Info Brett's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total a. Cash sales Sales are 65% cash and 35% credit. Credit sales are collected 20% in the month of sale and the 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 follows: Budgeted Sales Revenue 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 md Brett's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February 30% of current month DM purchases January .. $63,000 Fobruary ... $70,000 b. Actual purchases of direct materials in December were $25,500. The company's purchases of direct materials in January are budgeted to be $22,000 and $27,500 in February. All purchases are paid 30% in the month of purchase and 70% the following month. C. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $9,500 in December. Budgeted salaries in January are $10,500 and February budgeted salaries are $12,000. Sales commissions each month are 8% of that month's sales. d. Rent expense is $3,200 per month e. Depreciation is $2,100 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $14,000. g. The cash balance at the end of the prior year was $22,000. Total 70% of last month's DM purchases Total cash payments hot enter a c. Prepare a schedule of budgeted cash payments for operating expenses for January and February. Show totals for zero. Round all amounts to the nearest dollar.) Print Done Enter any number in the edit fields and then continue to the next