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 60% in the month incurred and 40% 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.) Vinning Company i Data Table - X Budgeted Cash Payments for Selling and Administrative Expenses Two Months Ended February 28, 2024 January February December 31, 2023, account balances: Variable expenses: Cash $ 30,000 40% of last month's Commission Expense Accounts Receivable 15,000 60% of current month's Commission Expense 2400 2505 Merchandise Inventory 24,000 Total payments for variable expenses Accounts Payable 13,000 Fixed expenses Salaries and Commissions Payable 2,650 40% of last month's Salaries Expense Budgeted amounts for 2024: January February 60% of current month's Salaries Expense Sales, all on account $ 80,000 $ 83,500 2200 2200 Rent expense Purchases, all on account 40,900 41,700 Total payments for fixed expenses 1600 1600 Commissions Expense 4,000 4, 175 7,000 Total payments for S and A expenses Salaries Expense 7,000 Rent Expense 2,200 2,200 Requirement 4. Prepare the cash budget for January and February 2024. Assume no financing took place. Depreciation Expense 800 800 Insurance Expense 200 200 Enter any number in the edit fields and then continue to the next question. Income Tax Expense 1,600 1,600