Elis Restaurant Supply is prepanng its cash budgets for the trst two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: Click the loon to view the information Requirements 1 Prepare schedules of a) budgeted cash collections. (b) budgeted cash payments for purchases and budgeted cash payments for operating expenses. Show totals for each month and totale 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 287 Revenue 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 Ell's Restaurant Supply Cash Collections Budget More info For the Months Ended January 31 and February 28 January a. Sales ale 85% cash and 35% credil Credil sales are collected 20% in the month of sale and the Cash sales remainder in the month after sale. Actual sales in December were S54,000. Schedules of budgeted Collection on credil sales sales for the two months of the upcoming year are as follows: Budgeted Sales Total cash collections January................$ 62,000 February ..............5 70.000 b. Actual purchases of direct materials in December were $24,500. The company's purchases of direct materiale in January are budgeted to be S24,000 and $26.000 in February. Al purchases are paid 40% in the month of purchase and 60% the following month. Salanes and sales commissions are also paid hair in the month eamed and half the next month. Actual salaries were $3.000 in December. Budgeted salaries in January are $9,000 and February budgeted Salaries are $10,500. Sales cornimissions each month are 8% of that month's sales d. Rent expense is $3.500 per month 4. Depreciation is $2.100 per month f. Estimated income tax payments are made at the end of January. The estrated tax payment is projected to be $12.500 g. The cash balance at the end of the pror year was $22,000. Print Done