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Ruler Company's budget committee provides the following information: Requirement 1 . Prepare the schedule of cash receipts from customers for January and February 2016_ Assume cash receipts are 80% in the month of the sale and 20% in the month following the sale Ruler Company Budgeted Cash Receipts from Customers For the Two Months Ended January 31 and February 29 January February Current month sales, 80% Prior month sales, 20% Total cash receip me solve this Requirements 2. 3. 4. Prepare the schedule of cash receipts from customers for January and February 2016 Assume cash receipts are 80% in the month of the sale and 20% in the month following the sale Prepare the schedule of cash payments for purchases for January and February 2015 Assume purchases are paid 70% in the month of purchase and 30% in the month following the purchase Prepare the schedule of cash payments for selling and administrative expenses for January and February 2016. Assume 25% of the accrual for Salaries and Commissions Payable is for commissions and 75% is for salaries. The December 31 balance will be paid in January Salaries and commissions are paid 40% in the month incurred and 60% in the following month. Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount Prepare the cash budget for January and February 2015 Assume no Data table December 31 2015, account balances Cash Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2016: Sales Purchases Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense January 817000 s 407300 47050 57000 27800 700 200 27300 30,000 20,000 24,000 13,000 2,650 February 84,100 41 ,900 4,205 5,000 2,800 700 200 2,300