Question 2, PM7-43A (similar to) Part 1 of 4 HW Score: 4.55%, 2 of 44 points O Points: 0 of 42 Save Homework: Ch.7 Learning Objective 6 Thumbtack 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 70% in the month of the sale and 30% in the month following the sale. Thumbtack Company Budgeted Cash Receipts from Customers Data table Two Months Ended February 28, 2024 January February Current month sales, 70% Prior month sales, 30% Total cash receipts Requirements December 31, 2023, account balances Cash 20.000 Accounts Receivable 18.000 Merchandise Inventory 17,000 Accounts Payable 13.000 - X Salaries and Commissions Payable 2.850 Budgeted amounts for 2024 January February Sales, all on account $ 64,000 $ 84.600 Purchases, all on account 41,000 41.200 Commissions Expense 4.200 4,230 Salaries Expense 4,000 4,000 Rent Expense 3,000 3,000 Depreciation Expense 800 800 Insurance Expense 600 600 Income Tax Expense 2.000 2,000 1. Prepare the schedule of cash receipts from customers for January and February 2024. 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 2024. 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 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 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 2024. Assume no financing took place. Print Done Print Done X