Hunter's Manufacturing is preparing its cash budgets for the first 2 months of the upcoming year. The following information concerns 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 amounts for each month and totals for January and February 2. Prepare a combined cash budget. If no financing activity took place, what is the budgeted cash balance on February 28? A Data Table Requirement 1a. Prepare a schedule of budgeted cash collections for January and February Cash Collections Budget January February Cash sales Sales are 65% cash and 35% credit. Credit sales are collected 20% in the month of sale and the remainder in the month after sale. Actual sales in December were $51,000. Schedules of budgeted sales for the 2 months of the upcoming year are as follows: Budgeted Sales Revenue Credit sales Total cash collections b. Prepare a schedule of budgeted cash payments for purchases for January and February (Leave any unused cells blank.) Cash Payments for Direct Material Purchases Budget January February December purchases January ............... $62,000 February .............. $67,000 b. Actual purchases of direct materials in December were $24,000. Hunter's purchases of direct materials in January are budgeted to be $21,000 and $27,500 in February. All purchases are paid 30% in the month of purchase and 70% the following month. Salaries and sales commissions are paid half in the month earned and half the next month. Actual salaries were $8,500 in December. Budgeted salaries in January are $9,500 and February budgeted salaries are $11,000. Sales commissions each month are 12% of that month's sales. d. Rent expense is $3,000 per month. e. Depreciation is $2,600 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500. g. The cash balance at the end of the prior year was $23,000. January purchases February purchases Total cash payments for direct material purchases Enter any number in the edit fields and then continue to the next question. Hunter's Manufacturing is preparing its cash budgets for the first 2 months of the upcoming year. The following information concerns the company's upcoming cash receipts and cash disbursements. BE: (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 amounts for each month and totals for January and February 2. Prepare a combined cash budget. If no financing activity took place, what is the budgeted cash balance on February 28? c. Prepare a schedule of budgeted cash payments for operating expenses for January and February. (Leave any unused cells blank.) | Data Table Cash Payments for Operating Expenses Budget January February a. Sales are 65% cash and 35% credit. Credit sales are collected 20% in the month of sale and the remainder in the month after sale. Actual sales in December were $51,000. Schedules of budgeted sales for the 2 months of the upcoming year are as follows: Variable cash operating expenses: Sales commissions: December Sales commissions: January Sales commissions: February Budgeted Sales Revenue Total variable cash operating expenses Fixed cash operating expenses: Sales salaries: December Sales salaries: January Sales salaries: February January ............... $62,000 February .. $67,000 b. Actual purchases of direct materials in December were $24.000. Hunter's purchases of direct materials in January are budgeted to be $21,000 and $27,500 in February. All purchases are paid 30% in the month of purchase and 70% the following month. c. Salaries and sales commissions are paid half in the month earned and half the next month. Actual salaries were $8,500 in December. Budgeted salaries in January are $9,500 and February budgeted salaries are $11,000. Sales commissions each month are 12% of that month's sales. d. Rent expense is $3,000 per month. e. Depreciation is $2,600 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500. g. The cash balance at the end of the prior year was $23.000. Rent expense Tax expense Total fixed cash operating expenses Enter any number in the edit fields and then continue to the next question. Hunter's Manufacturing is preparing its cash budgets for the first 2 months of the upcoming year. The following information concerns the company's upcoming cash receipts and cash disbursements. B (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 amounts for each month and totals for January and February. 2. Prepare a combined cash budget. If no financing activity took place, what is the budgeted cash balance on February 28? i Data Table Tax expense Total fixed cash operating expenses Total cash payments for operating expenses Requirement 2. Prepare the cash budget for January and February a. Sales are 65% cash and 35% credit. Credit sales are collected 20% in the month of sale and the remainder in the month after sale. Actual sales in December were $51,000. Schedules of budgeted sales for the 2 months of the upcoming year are as follows: Budgeted Sales Revenue February Combined Cash Budget January Cash balance, beginning Cash collections from customers Total cash available Less cash payments: Direct materials purchases January ........ $62,000 February .. $67,000 b. Actual purchases of direct materials in December were $24,000. Hunter's purchases of direct materials in January are budgeted to be $21,000 and $27,500 in February. All purchases are paid 30% in the month of purchase and 70% the following month. c. Salaries and sales commissions are paid half in the month earned and half the next month. Actual salaries were $8,500 in December. Budgeted salaries in January are $9,500 and February budgeted salaries are $11,000. Sales commissions each month are 12% of that month's sales. d. Rent expense is $3,000 per month. e. Depreciation is $2,600 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500. g. The cash balance at the end of the prior year was $23.000. Operating expenses Total cash payments Ending cash balance Enter any number in the edit fields and then continue to the next