GreenHarvest is a garden design and landscaping business. As at 31 December 2019, it had a bank balance of $26,500. Provided below are estimates for the three months ending 31 March 2020 January ($) February ($) March ($) Fees (cash) 140,000 160,000 200,000 Fees (credit) 50,000 70,000 40,000 Salaries and wages expense 70,000 70,000 70,000 Purchase of Supplies by cash 8,500 9,200 12,000 Purchase of Supplies by credit 10,000 5,000 7,000 Purchase new equipment by cash 175,000 Administration 1,500 1,500 1,500 Proceeds from the sale of surplus non- 20,000 current assets Purchase of plants 42,000 45,000 61,000 Dividends received 5,000 Proceeds from a short term loan 50,000 Additional information: Customers usually pay 50% in the month of sales if sales were made by credit and the remaining is paid in the next month after the sale. Credit purchase is paid the month following the purchase. Profit from the sale of the surplus non-current assets is anticipated to be $12,000 At the end of February, it is anticipated that $10,000 of salaries and wages would remain payable. Plants are purchased on a cash basis Administration expenses include depreciation of $500 per month A. Using the above information (5 Marks) | 1. The budgeted receipts from accounts receivable for the month of FEBRUARY are closest to? (1 mark) A. $40,000 B. $50,000 C. $55,000 D. $60,000 2. The budgeted payments to accounts payable for the month of FEBRUARY are closest to? (2 marks) A. $8,500 B. $10,000 C. $9,200 D. $5,000 3. The budgeted wages payment in the month of FEBRUARY is closest to? (1 mark) A. $50,000 B. $60,000 C. $65,000 D. $70,000 4. The budgeted administration expenses payment for the month of FEBRUARY is closest to? (1 mark) A. 0 B. $500 C. $1,000 D. $1,500