Notebook Company's budget committee provides the following information: (Click the icon to view the information.) Read the requirements. CEO. Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. - X Data Table Notebook Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January February December 31, 2017, account balances: Cash $ Current month sales, 60% Prior month sales, 40% 18,000 20,000 16,000 Total cash receipts 12,000 2,650 January February $ 83,000 $ 85,300 Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2018: Sales, all on account Purchases, all on account Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense 41,000 41,200 4,150 4,265 5,500 5,500 3,000 3,000 300 300 200 200 1,700 1,700 Enter any number in the edit fields and then click Check Answer. Notebook Company's budget committee provides the following information: (Click the icon to view the information.) Read the requirements, ... Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. Notebook Company Requirements Budgeted Cash Receipts from Two Months Ended February 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. Current month sales, 60% 2. Prepare the schedule of cash payments for purchases for January and Prior month sales, 40% February 2018. Assume purchases are paid 30% the month of purchase and 70% in the month following the purchase. Total cash receipts 3. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2018. Assume 40% of the accrual for Salaries and Commissions Payable is for commissions and 60% is for salaries. The December 31 balance will be paid in January. Salaries and commissions are paid 70% in the month incurred and 30% in the following month. Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. 4. Prepare the cash budget for January and February 2018. Assume no financing took place. Print Done Enter any number in the edit fields and then click Check