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Watercooler Company's budget committee provides the following information: : (Click the icon to view the information.) Read the requirements. Requirement 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 fol purchase. 11/23/22,6:28PM Data Table December 31,2015 , account balances Cash Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2016 : Sales \begin{tabular}{ccc} \multicolumn{2}{c}{ January } & February \\ \hline$ & 82,000$ & 84,600 \end{tabular} Purchases 41,00041,700 Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense \begin{tabular}{rr} 4,100 & 4,230 \\ 5,500 & 5,500 \\ 1,800 & 1,800 \\ 500 & 500 \\ 200 & 200 \\ 1,900 & 1,900 \\ \hline \end{tabular} 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 60% in the month incurred and 40% 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