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More Info X a. Sales are 65% cash and 35% credit. Credit sales are collected 30% in the month of sale and the remainder in the month after sale. Actual sales in December were $56,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: Budgeted Sales Revenue January $ 64,000 February .. $71,000 b. Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $20,000 and $26,000 in February. All purchases are paid 40% in the month of purchase and 60% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $10,000 in December. Budgeted salaries in January are $11,000 and February budgeted salaries are $12,500. Sales commissions each month are 10% of that month's sales. d. Rent expense is $3,200 per month. e. Depreciation is $2,300 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $13,500. g. The cash balance at the end of the prior year was $22,000. Print Done 1. Gary's Restaurant Supply is preparing in cash budget for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (Click the icon to view the information) Requirements Prepare schedules of (a) budgeted cash collections. (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses Show totais for each month and totals for January and February combined 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 20? Requirement 12. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined Gary's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total Cash sales Collection on credit sales Total cash collections b. Prepare a schedule of busgeted cesh payments for purchases for January and February. Show totale for each month and tools tor January and February combined Gary's Restaurant Supply Cash Payments for Material Purchases Budget Enter any number in the edit fields and then continue to the next question 2. Cay's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: 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 Prepare a combined cash budget. I no financing activity takes place, what is the budgeted cash balance on February 287 b. Prepare a schedule of budgeted Cash payments for purchases for January and February, Show totals for each month and totals for January and February combined. Gary's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February Total 40% of current month DM purchases 60% of last month's DM purchases Total cash payments 6. Prepare a schedule of budgeted cash payments for operating expenses for January and February. Show tools for each month and totals for January and February combined. If a box is not used in the table leave the box empty.do not enter a zero Round all amounts to the nearest dollar) Gary Restaurant Supply Cash Pamants for Oneratie Evanses Budent Enter any number in the edit fields and then continue to the next question. Gary's Restaurant Supply is preparing is cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: 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 Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? Prepare a schedule of budgeted cash payments for operating expenses for January and February. Show totals for each month and totals for January and February combined. (If a box is not used in the table leave the box empty do not enter a zero, Round all amounts to the nearest dolar) Gary Restaurant Supply Cash Payments for Operating Expenses Budget For the Month Ended January 31 and February 28 January February Total wriable cash operating expenses Sales commissionsDecember Sales commission: January Sales commissions: February Total variable cash operating expenses Fixed cash operating expenses Sales salaries: December nter any number in the edit fields and then continue to the next question Question Help Gary's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: 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. If no financing activity takes place, what is the budgeted cash balance on February 287 Requirement 2. Prepare a combined cash budget for January and February. I no financing activity takes place, what is the budgeted cash balance on February 28? Gary's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February 2 months Beginning balance Plus Cash colections from customers Total cash available Less cash payments Direct materials purchases Operating expenses Total cash payments Enter any number in the edit fields and then continue to the next question Cay's Restaurant Supply is preparing is cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: 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. If no financing activity takes place, what is the budgeted cash balance on February 28? Gary's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February 2 months Beginning cash balance Plus Cash collections from customers Total cash available Less cash payments Direct materials purchases Operating expenses Totalcash payments Ending cash balance inter any number in the edit fields and then continue to the next