John'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 1 (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 casth 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 282 Requirement 1a. Prepare a schedule of budgeted cash collections for January and February Show totals for each month and totals for January and February combined John's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January FebruaryTotal Cash sales Collection on credit sales Total cash collections b. Prepare a schedule of budgeted cash payme nts for purchases for January and February. Show totals for each month and totals for January and February combined John's Restaurant Supply Cash Payments for Material Purchases Budget Enter any number in the edit fields and then continue to the next question. 141 AM E Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payme or purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 282 2. John's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 . January February Total 25% of current month DM purchases 75% of last month's DM purchases Total cash payments of budgeted cash payments for operating expenses for January and February Show totals for each month and totals for January and February combined. (If a box is not used in the table leave the box empty, do not enter a zero. Round all amounts to the nearest dollar) John Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 January February Total Enter any number in the edit fields and then continue to the next question. 1:41 AM 3/2/20192 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on Febru John Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 January February Total Variable cash operating expenses Sales commissions: December Sales commissions: January Sales commissions: February Total variable cash operating expenses Fixed cash operating expenses Sales salaries: December Sales salaries: January Sales salaries: February Rent expense Enter any number in the edit fields and then continue to the next question. 1:41 AM 3/2/2019 d, 1. Plepale scledules f (a) budgeted cash collection, 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 282 Requirement 2. Prepare a combined cash budget for January and February. If no financing activity takes place, what is the budgeted cash balance on February 28? John's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February 2 months Beginning cash balance Plus: Cash collections from customers Total cash available Less cash payments Direct materials purchases Operating expenses Total cash payments Ending cash balance Enter any number in the edit fields and then continue to the next question. 1:42 AM 3/2/2019 hn's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year Here is the inforn 6 More Info Sales are 65% cash and 35% credit Credit sales are collected 30% 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 a. Req Budgeted Sales Revenue $63,000 $72.000 January February b. Actual purchases of direct materials in December were $25,500 The company's purchases of direct materials in January are budgeted to be $21,000 and $28,000 in February All purchases are paid 25% in the month of purchase and 75% the following month Beg/.Salaries and sales commissions are also paid half in the month earned and half the next month Plu Actual salaries were $10.000 in December Budgeted salanes in January are $11,000 and February budgeted salaries are $12,500 Sales commissions each month are 8% of that month's sales. Totad. Rent expense is $3,300 per month. e. Depreciation is $2,700 per month t. /Estimated income tax payments are made at the end of January, The estimated tax payment is g. The cash balance at the end of the prior year was $23,000 projected to be $12,000 Print Done End