Gary'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: (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 mont 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 ? More info Requirement 1a. od February combined. a. Sales are 70% cash and 30% credit. Crecit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were $57,000. Schedules of budgeled sales for the two months of the upcoming year are as follows: Cash sales Collection on cre. b. Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $20,000 and $25,500 in February. All purchases are paid 50% in the month of purchase and 50% the following month. c. Salaries and sales commissions are also paid hall in the month earned and half the next month. Actual salaries were $9,000 in December. Budgeted salaries in January are $10,000 and February budgeted salaries are $11,500. Sales commissions each month are 8% of that montris sales. d. Rent expense is $3,500 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 $12,000. g. The cash balance at the end of the prior year was $18,000