Larry's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Hare is the information about the company's upcoming cash recelpts-and cash disbursements. (i) (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgetod cash payments for purchases, and (c) budgeted cash payments for operating expenses: Show totals for each month and totals for January and February oombined. 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? a. Sales are 70% cash and 30% credit. Credit sales are collected 30% 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: b. Actual purchases of direct mattrials in December were $25,500. The company's purchases of direct materials in January are budgeted to be $20,000 and $26,500 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 $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 $3,300 per month. e. Depreciation is $2,900 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $11,500. g. The cash balance at the end of the prior year was $19,000