Requirements Rebruary oserbitited. 2. Propare a cocribued cash bodgol. If ne finarieing actroty takes place. what is tho budgeted cash balance on February 28 ? Requirement 2. Prepare a coenbinod cash budget for danuary and Febiuary. If no financing activity lakes place. what is the budgeted cashi balance on February 2 B? a. Sales are 70% cash and 30% credit. Credit sales are collected 20% 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: b. Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $21,000 and $28,000 in February. All purchases are paid 30% in the month of purchase and 70% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $7,000 in December. Budgeted salaries in January are $8,000 and February budgeted salaries are $9,500. Sales commissions each month are 8% of that month's sales. d. Rent expense is $2,900 per month. e. Depreciation is $2.700 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $13.000. g. The cash balance at the end of the prior year was $23,000. Hegainements Fecoruary cambined Raan Rectarant Sissely Cash Payenemte far Operating tepenses Budjet For the Moerthe Cinled daniary 3f and February at Yanable 6athopeialing exjevest Baias comrinson Doio*dent fowe fammikabos- danay Soloscommasiont Fitraary Total varizie cath oper alrog eyeraes Fined eantioberintra escerves Sales salatier December Sales adanes Jafiary Fintivergense Taresponse Total foied cash opereing nipainta Hecgsirements 1. Pupaire nifedies of ia) bosigh Fatoruary camtanel