undefined

Homework: Ch.7 Learning Objective 6 Score: 5.73 of 42 pts 2 of 2 (2 complete) PM7-43A (similar to) Vinning Company's budget committee provides the following information: E: (Click the icon to view the information.) Read the requirements Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2024. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. . X Data Table Vinning Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2024 January February Current month sales, 60% $ 49,800 $ 51,180 20.000 33.200 Prior month sales, 40% $ 69,800 84,380 Total cash receipts Requirement 2. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 30% in the month of purchase and 70% in the Vinning Company Budgeted Cash Payments for Purchases Two Months Ended February 28, 2024 January February 70% of last month's purchases 30% of current month's purchases December 31, 2023, account balances: Cash $ 34,000 20.000 24,000 14,500 3,000 Total cash payments for purchases Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2024: Sales, all on account Purchases, all on account Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense January February $ 83,000 $ 85,300 40,700 42.000 4,150 4.265 4,500 4,500 3,000 3.000 800 800 100 100 1,600 1,600 Print Done