levin's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the hformation about the company's upcoming cash receipts and cash disbursements: i) (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 It no financing activity takes place, what is the budgeted cash balance on February 28 ? 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 Kevin's Restaurant Supply Cash Collections Budget b. Propare a schedule of budgeted cash payments for purchases for January and February. Show totais for each month and totals for January and February combined More info a. Sales are 65% cash and 35% credit. Credit sales are collected 20% in the month of sale and the remainder in the month after sale Actual sales in December were $55,000 Schedules of budgeted sales for the two months of the upcoming year are as follows b. Actual purchases of direct materials in December were $23,000 The company's purchases of direct matenals in January are budgeted to be $20,500 and $27,000 in February All purchases are paid 50% in the month of purchase and 50% the following month c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $8,000 in December Budgeted salanes in January are $9,000 and February budgeted salaries are $10,500. Sales commissions each month are 12% of that month's sales d. Rent expense is $2,900 per month e. Depreciation is $2,700 per month 1. Estimated income tax payments are made at the end of January the estimated tax payment is projected to be $14,000 g. The cash balance at the end of the prior year was $20,000