Clipboard Company's budget committee provides the following information: (Click the icon to view the information.) Read the reguirements. Requirement 3. Prepare the schedule of cash payments for selling and administrative expenses for January and Fobruary 2016. Assume 25\% of the accrual for Salaries and Commissions Payable is for commissions and 75% is for salaries. The December 31 bolance will be paid in January. Salaries and commissions are paid 70% in the month incurred and 30% in the following month. Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. (Round your answers to the nearest whole number.) Hxed expenses 30% of last monthes Solaries Expente 70\% of cumrent month's Salaries Expense Rent expense Total payments for fixed exponsen Total payments for S and A expenses Requirements 1. Prepare the schedule of cash receipts from customers for January and February 2016. 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 2016. 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 2016. Assume 25\% of the accrual for Salaries and Commissions Payable is for commissions and 75% is for salaries. The December 31 balance will be paid in January. Salaries and commissions are paid 70% in the month incurred and 30% 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 2016. Assume no financing took place