Hunter'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 month and 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 Into 1 a Salesare75% cash and 25% credit. Credit Sales arecollected20% 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 two months of the upcoming year are as follows: Budgeted Sales Revenue $59,000 $70,000 January February Actual purchases of direct materials in December were $25,000 The company's purchases of direct materials in January are budgeted to be $22 000 and $26 000 in February. All purchases are paid 50% in the month of purchase and 50% the following month Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were 58,500 in December. Budgeted salaries in January are S9.500 and February budgeted salaries are S11 000 Sales commissions each month are 15% of that month's sales b. c. d. Rent expense is $2.800 per month e. Depreciation is $2.700 per month f. Estimated income tax payments are made at the end of January The estimated tax payment is projected to be $13.000 a. The cash balance at the end of the prior vear was $25 000