collections. (o) budgeted cash payments for purchases, and (C) budgeted cash payments for operating expenses. Show tota In i More Info ay : a. sales are 65% cash and 35% credit. Credit sales are collected 30% 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: cti an Budgeted Sales Revenue January $58.000 February $70,000 Actual purchases of direct materials in December were $25,000. The company's purchases of direct materials in January are budgeted to be $23.500 and $27,500 in February. All purchases are paid 50% in the month of purchase and 50% the following month. b. ntC. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $7,000 in December. Budgeted salaries in January are $8,000 and February budgeted salaries are $9,500, sales commissions each month are 8% of that month's sales. Rent expense is $2,800 per month. Depreciation is $2,900 per month. d. e. df. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,000. 9. The cash balance at the end of the prior year was $21,000 Print Done John's Restaurant Supply is preparing ts cash buodgets for the first two months of t disbursements the upcoming year. Here is the information about the company's upcoming cash receipts and cash 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 expenes. 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 batance on February 28? Requirement 1a. Prepare a schedule of busgeted cash colections for January and February Show totals for each month and totals for January and February combined John's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total Cash sales Collection on credrt 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 John's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 February Total January 50% of current month DM purchases 50% of last month's DM purchases Total cash payments e. Prepare a schedule of budgeted cash payments for operating expenses for January and February, Show totals tor each month and totals for January and February combined (If a box is not used in the table leave the box empty, do not enter a zero. Round ai amounts to the nearest dolar) Enter any number in the edit fields and then continue to the next question Save for Later John's Restaurant Supply is preparning its cash budgets for the first two months of t disbursements the upcoming year. Here is the information the about the company's upcoming cash receipts and cash 1 (Click the icon to view the information ) Requirements )budgeted cash payments for purchases, and (c) budgeted cash payments tor operating expenses Show totals for each month and totals for January and February combined 2. Prepare a combined cash budget If no tinancing activity takes place, what is the budgeted cash balance on February 28 e of budgeted cash payments for operating expenses for January and February Show t totals for each month and sotals for January and February combined if a box is not used in the table leave the box empty do not enter a zero. Round all amounts to the nearest dollar ) John Restaurant Supply cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 January February Total Vanable cash operating expenses Sales commissions December Sales commissions January Sales commissions: February Total vanable cash operating expenses f ixed cash operating expenses Sales salaries: December Sales salaries January Sales salaries: February Rent expense Tax expense Total fixed cash operating expenses Total cash payments for operating expenses Enter any number in the edt fields and then continue to the next question Save for Later Requirements Prepare schedules of (a) budgeted cash collections. (b) budgeted cash payments for purchases, and (c) budgeted cash 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? Sales salaries: February Rent expense Tax expense Total fixed 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 28 John's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February 2 months Beginning cash balance Plus: Cash collections from customers Total cash available Less cash payments Direct materials purchases Operating expenses Total cash payments Ending cash balance Enter any number in the edit fields and then continue to the next question. Save for Later