X * More Info .... a. Sales are 70% cash and 30% credit. Credit sales are collected 10% 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 $ 58,000 February $ 71,000 b. Actual purchases of direct materials in December were $25,000. The company's purchases of direct materials in January are budgeted to be $22,000 and $27,500 in February. All purchases are paid 50% in the month of purchase and 50% 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 12% of that month's sales. d. Rent expense is $3,100 per month e. Depreciation is $2,800 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500. g. The cash balance at the end of the prior year was $20,000. Feb ble, le Print Done Requirement 12. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. Hunter's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 January February Total Cash Collection on credit sales Totalcanh collections 1. Prepare a schedule of budgeted coth payments for purchases for January and February. Show tohoto for each month and total for January and February combined Hunter's Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January February 50% of current month DM purchases 50% of last month's DM purchases Total cash payments Total reny contened w Balance on February 28 mothers) Prepare a schedule of budgeted cash payments for pertinger and Fabry Shows for each month and tools for January February combination that when Hunter Restaurant Supply Cash Payments for Operating Expenses Budget For the Month Ended January and Tobruary 20 January February Total Vabile cash expenses common December es combinary Ses com February To con operating expenses Poperating expenses fals wares December Salossaries January Sales February Han een Torocochocerating exerce Topy for person expenses Requirement 2. Prepare a combined Ch budget for January and February. If no financing activity takes place, what is the budgeted cash balance on February 287 Hunter's Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 28 January February Beginning cashbance Plus Cash collections from This Los cash payments Direct was purchases Operating expenses Total payment Ending cash bolno Enter