Paperclip Company's budget committee provides the following information: 5 Click the icon to view the information.) Read the requirements OOO Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2024. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale Paperclip Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2024 January February Current month sales, 60% $ 51.000 $ 51,180 20,000 34.000 Prior month sales, 40% $ Total cash receipts 85.180 71,000 $ Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 30% in the month of purchase and 70% in the month following the purchase Paperclip Company Budgeted Cash Payments for Purchases Data table Two Months Ended February 28, 2024 January February 70% of last month's purchases December 31, 2023, account balances Cash $ 20,000 30% of current month's purchases Accounts Receivable 20.000 Total cash payments for purchases Merchandise Inventory 24,000 Accounts Payable 11,500 Salaries and Commissions Payable 2.750 Budgeted amounts for 2024 January February Sales, all on account $ 85,000 $ 85,300 Purchases, all on account 40,500 41,900 Commissions Expense 4.250 4.265 Salaries Expense 4,000 4,000 Rent Expense 2.600 2.600 Depreciation Expense 600 600 Insurance Expense 400 400 Income Tax Expense 1,600 1,600 Print Done