John's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information abe disbursements (Click the icon to view the information.) Requirements 1 2 Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash pa 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 287 Cash sales Collection on credit sales Total cash collections Prepare a schedule of budgeted cash payments for purchases for January and February. Show totals for each month and tw John's Restaurant Supply Cash Payments for Material Purchases Budget sh budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash h collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for February combined financing activity takes place, what is the budgeted cash balance on February 287 ents for purchases for January and February. Show totals for each month and totals for January and February combined. Restaurant Supply Material Purchases Budget More info I the Sales are 70% cash and 30% credit. Credit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were $57,000. Schockles of budgeted sales for the two months of the upcoming year are as follows January February Budgeted Sales Revenue 60,000 67,000 b. Actual purchases of direct materials in December we $24,000. The company's purchases of direct materials in January are budgeted to be $23,000 and $25,000 in February. All purchases are paid 30% in the month of purchase and 70% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $7,000 in December. Budgeted salaries in January are $8,000 and February budgeted salaries are $9,500. Sales commissions each month are 10% of that month's sales. d. Rent expense is $2,800 per month. More info X 1 the January February Revenue $ 60,000 67,000 b. Actual purchases of direct materials in December were $24,000. The company's purchases of direct materials in January are budgeted to be $23,000 and $25,000 in February. All purchases am paid 30% in the month of purchase and 70% the following month. C d. Salaries and sales commissions are also paid half in the month eamed and half the next month Actual salaries were $7,000 in December. Budgeted salaries in January are $8,000 and February budgeted salaries are $9,500. Sales commissions each month are 10% of that month's sales. Rent expense is $2,800 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 $12,000. g. The cash balance at the end of the prior year was $21,000. Joheis Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year Here is the information (Click the icon to view the information) Requirements 9 Cash sales Collection on credit sales January February Total Total cash collections b. Prepare a schedule of budgeted cash payments for purchases for January and February Show totals for each month and John's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February Total January February Total % of current month DM purchases % of last month's DM purchases al cash payments epare a schedule of budgeted cash payments for operating expenses for January and February. Show totals for each me the input field empty, do not enter a zero. Round all amounts to the nearest Bollar.) John Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and Fahni 20 Veable cash rating pers Sal commisions December Sabes commissions January Sales commissions February Total variable cash operating expernes Fixed cash operating expenses Jary February Tot Sale satis Deceder Salm stars Jakay Salem stories February Rent experse Tax experme Total fixed cash operating expenses Total cash payments for operating expenses For the Mont Ended Jay and February 28 ning cash balance Cash collections from customers cash available cash payments met materials purchases Jakary February 2 months