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Nolan's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined. 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? Requirement 1a. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. Nolan's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total Cash sales Collection on credit sales Total cash collections b. Prepare a schedule of budgeted cash payments for purchases for January and February. Show totals for each month and totals for January and February combined. Nolan's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February 40% of current month DM purchases Total 60% of last month's DM purchases Total cash payments c. Prepare a schedule of budgeted cash payments for operating expenses for January and February. Show totals for each month and totals for January and February combined. (If a box is not used in the table leave the box empty; do not enter a zero. Round all amounts to the nearest dollar.) Nolan Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 January February Total Variable cash operating expenses: Sales commissions: December Sales commissions: January Sales commissions: February Total variable cash operating expenses Fixed cash operating expenses: Sales salaries: December Sales salaries: January Sales salaries: February Rent expense Tax expense Total fixed cash operating expenses Total cash payments for operating expenses Requirement 2. Prepare a combined cash budget for January and February. If no financing activity takes place, what is the budgeted cash balance on February 28? Nolan's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February Beginning cash balance 2 months Plus: Cash collections from customers Total cash available Less cash payments: Direct materials purchases Operating expenses Total cash payments Ending cash balance Enter any number in the edit fields and then continue to the next question. More Info 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 $54,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: Budgeted Sales Revenue January $64,000 February.... $69,000 b. Actual purchases of direct materials in December were $25,000. The company's purchases of direct materials in January are budgeted to be $22,500 and $27,500 in February. All purchases are paid 40% in the month of purchase and 60% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $10,000 in December. Budgeted salaries in January are $11,000 and February budgeted salaries are $12,500. Sales commissions each month are 8% of that month's sales. d. Rent expense is $3,300 per month. e. Depreciation is $2,200 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 $20,000. Print Done