Data table ie month of the sale and 30% in the month following the the month of purchase and 70% in the month following Requirements 1. Prepare the schedule of cash receipts from customers for January and February 2016. Assume cash receipts are 70% in the month of the sale and 30% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2016. Assume purchases are paid 30% in the month of purchase and 70% 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 40% in the month incurred and 60% 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. Requirement 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 s for commissions and 75% is for salaries. The December 31 balance will be paid in January. Salaries and commissions are paid 40% in the month incurred and 60% in the following month. Rent ind income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. (Round your answers to the nearest whole number.)