Requirement 1, Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. Printer Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January February S 51,00051,180 Current month sales, 60% 14,000 34,000 Prior month sales, 40% 65,000 $ 85,180 Total cash receipts Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2018, Assume purchases are paid 70% in the month of purcha and 30% in the month following the purchase. Printer Company Budgeted Cash Payments for Purchases Two Months Ended February 28, 2018 February January S 13,500 12,240 30% of last month's purchases 28,770 28,560 70% of current month's purchases 42,060 $ 41,010 Total cash payments for purchases Requirement 3 Prepare the schedule o cash payments or selling and administrative expenses for January and February 2018. Assume 40% of the accrual or Salaries and Commissions Payable is tor commissions and 60% s for salaries. The December 31 balance will be paid in January. Salaries and comissions are peid 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. (Raund your answers to the nearest whole number.) Printer Company Budgoted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2018 January February Variable expenses: 1,100 S 1,275 30% of last month's Commission Expense 2,975 2,986 70% of current month's Commission Expense 4,261 4,075 Total payments for variable expenses Fixed expenses 1,650 1,800 30% of last month's Salaries Expense 1,200 1,200 70% of current month's Salaries Expense 3.000 3,000 Rent expense 9,000 8,850 Total payments for fixed expenses 12,925 S 13,261 Total payments for S and A expenses Data Table December 31, 2017, account balances Cash 15,000 Accounts Receivable 14,000 2,000 Merchandise Inventory 13,500 Accounts Payable 2,750 Salaries and Commissions Payable January Budgeted amounts for 2018 February 85,300 85,000 $ Sales, all on account Purchases, all on account 41,100 40,800 Commissions Expense 4,250 4,265 Salaries Expense 6,000 6,000 3,000 Rent Expense 3,000 600 Depreciation Expense 600 100 100 Insurance Expense 2,000 2,000 Income Tax Expense Print Done Requirement 4. Prepare the cash budget for January and February 2018. Assume no financing took place. Printer Company Cash Budget Two Months Ended February 28, 2018 February January 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