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Jchn's Manufacturing is preparing ins eash budgets for the first two months of the upcoming year. The following information concerns the cortparys ipoorting cash treeipts

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Jchn's Manufacturing is preparing ins eash budgets for the first two months of the upcoming year. The following information concerns the cortparys ipoorting cash treeipts and cash disburserne (Click the icon to view the cash receipts and cash disbursements.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash piryments for purchases, and (c) budgoted crash payments for operating expenses. Show amounts for each month an totals for Jandary and February. 2. Prosare a combined cash budget, If no financing activily took place, what is the budgotod cash balance on Fobruary 28 ? Requirement ta. Prepare a schetdle of budyeted cash ooliections for January and Fotriary, Show amounts for each month and totals for danuary and Fethriary. b. Frapare an schedule of budgeled cash peyments for purchases for Jenuary and February. Show amounts for each month and totals for Jaruary and February. (Leave any uniased cells blank). c. Prepare a schedule of bubjatnd cash payments for operating expenses for January and Febchary. Show amounts for each monh and totals for January ard February (Leave any unused cells bank.] c. Prepare a schedule of budgeted cash payments for operating expenses for January and February, Show amounts for each manth and totas for Jaruary and Febhary. (Leave any unusad cells blank.] Submit test tequirement 2. Prepare a combined cast budget. If no financing actvity took place, what is the budgeted cash balance on February 28? Complete the combined cash budget for January and Fobruary. (Leave any unused cells blank.) Cash receipts and cash disbursements a. Sales are 80% cash and 20% credit. Credit sales are collected 35% in the month of sale and the remainder in the month after sale. Actual sales in December were $53,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: b. Actual purchases of direct materials in December were $26,000. John's purchases of direct materials in January are budgeted to be $21,000 and $23,500 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 $9,000 in December. Budgeted salaries in January are $10,000, and February budgeted salaries are $12,000. Sales commissions each month are 8% of that month's sales. d. Rent expense is $3,800 per month. e. Depreciation is $2,500 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 $21,000

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