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Paperclip 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 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% Prior month sales, 40% Total cash receipts Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2024. 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, 2024 January February 40% of last month's purchases 60% of current month's purchases - Data table December 31, 2023, account balances: Cash $ 28,000 14,000 17,000 Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable 12,000 2,900 Budgeted amounts for 2024: January February $ 80,000 $ 81,600 41,200 42,000 4,000 4,080 5,000 5,000 Sales, all on account Purchases, all on account Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense 3,200 3,200 600 600 200 200 1,800 1,800 Requirements 1. 2. 3. 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. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 60% in the month of purchase and 40% in the month following the purchase. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2024. 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. Prepare the cash budget for January and February 2024. Assume no financing took place. 4. I VIVIUITLITS Liutui cniuary 20, 2047 January February 40% of last month's purchases 60% of current month's purchases Total cash payments for purchases Requirement 3. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2024. 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. (Round your answers to the nearest whole number.) Paperclip Company Budgeted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2024 January February Variable expenses: 70% of last month's Commission Expense 30% of current month's Commission Expense Total payments for variable expenses Fixed expenses Total payments for variable expenses Fixed expenses 70% of last month's Salaries Expense 30% of current month's Salaries Expense Rent expense Total payments for fixed expenses Total payments for S and A expenses Requirement 4. Prepare the cash budget for January and February 2024. Assume no financing took place. Paperclip Company Cash Budget Two Months Ended February 28, 2024 January February Beginning cash balance Cash receipts from customers Cash available Requirement 4. Prepare the cash budget for January and February 2024. Assume no financing took place. Paperclip Company Cash Budget Two Months Ended February 28, 2024 January February 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