Paperclip Company's budget committee provides the following information: F: (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 70% in the month of the sale and 30% in the month following the sale. x Requirements Paperclip Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January February Current month sales, 70% Prior month sales, 30% Total cash receipts 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 70% in the month of the sale and 30% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% 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 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. Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% in the month following the purchase. Paperclip Company Budgeted Cash Payments for Purchases Two Months Ended February 28, 2018 January February 40% of last month's purchases 60% of current month's purchases Print Done Total cash payments for purchases Requirement 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. (Round your answers to the nearest whole number.) Paperclip Company Budgeted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2018 January February Variable expenses: 30% of last month's Commission Expense Paperclip Company's budget committee provides the following information: F: (Click the icon to view the information.) Read the requirements January February Variable expenses: 30% of last month's Commission Expense 70% of current month's Commission Expense Total payments for variable expenses Fixed expenses 30% of last month's Salaries Expense 70% of current month's Salaries Expense Requirements - X Rent expense Total payments for fixed expenses Total payments for S and A expenses Requirement 4. Prepare the cash budget for January and February 2018. Assume no financing took place. Paperclip Company Cash Budget Two Months Ended February 28, 2018 January 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 70% in the month of the sale and 30% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% 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 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. February Print Done Beginning cash balance Cash receipts from customers Cash available Cash payments Purchases of merchandise inventory Selling and administrative expenses Payments for income taxes Total cash payments Ending cash balance Paperclip Company's budget committee provides the following information: F: (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 70% in the month of the sale and 30% in the month following the sale. x Requirements Paperclip Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January February Current month sales, 70% Prior month sales, 30% Total cash receipts 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 70% in the month of the sale and 30% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% 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 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. Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% in the month following the purchase. Paperclip Company Budgeted Cash Payments for Purchases Two Months Ended February 28, 2018 January February 40% of last month's purchases 60% of current month's purchases Print Done Total cash payments for purchases Requirement 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. (Round your answers to the nearest whole number.) Paperclip Company Budgeted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2018 January February Variable expenses: 30% of last month's Commission Expense Paperclip Company's budget committee provides the following information: F: (Click the icon to view the information.) Read the requirements January February Variable expenses: 30% of last month's Commission Expense 70% of current month's Commission Expense Total payments for variable expenses Fixed expenses 30% of last month's Salaries Expense 70% of current month's Salaries Expense Requirements - X Rent expense Total payments for fixed expenses Total payments for S and A expenses Requirement 4. Prepare the cash budget for January and February 2018. Assume no financing took place. Paperclip Company Cash Budget Two Months Ended February 28, 2018 January 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 70% in the month of the sale and 30% in the month following the sale. 2. Prepare the schedule of cash payments for purchases for January and February 2018. Assume purchases are paid 60% in the month of purchase and 40% 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 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. February Print Done Beginning cash balance Cash receipts from customers Cash available Cash payments Purchases of merchandise inventory Selling and administrative expenses Payments for income taxes Total cash payments Ending cash balance