Omaha 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 80% in the month of the sale and 20% in the month following the sale. Data Table Omaha Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January February December 31, 2017, account balances: Current month sales, 80% Cash $ Prior month sales, 20% 32,000 15,000 Total cash receipts 22,000 13,000 Requirements - X 2,900 $ 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 January 85,000 $ 40,500 February 85,300 41,800 4,250 4,265 6,000 6,000 2,800 2,800 300 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 80% in the month of the sale and 20% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 30% in the month of purchase and 70% in the month following the purchase. 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 30% in the month incurred and 70% 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 300 100 100 1,800 1,800 Print Done