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i Requirements 1. 2. Prepare the schedule of cash receipts from customers for January and February 2018. 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 2018. Assume purchases are paid 60% in the month of purchase and 40% in the month following the purchase. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2018. Assume 40% of the accrual for Salaries and Commissions Payable is for commissions and 60% is for salaries. The December 31 balance will be paid in January. Salaries and commissions are paid 30% in the month incurred and 70% 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 2018. Assume no financing took place. Print Done S and then click Check Answer. udge Data Table vie bare owi nc ago December 31, 2017, account balances: Cash Accounts Receivable Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2018: Sales, all on account Purchases, all on account Commissions Expense Salaries Expense January 26,000 19,000 25,000 11,000 2,950 February 82,800 41,500 4,140 3,500 2,400 900 300 2,400 81,000 $ 40,600 4,050 3,500 2,400 900 300 2,400 Rent Expense Depreciation Expense Insurance Expense Income Tax Expense Print Done Baxter Company's budget committee provides the following information: (Click the icon to view the information.) Question Help Read the requirements. Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2018. Assume cash receipts are 80% in the month of the sale and 20% in the month following the sale. Baxter Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2018 January Current month sales, 80% Prior month sales, 20% Total cash receipts February U

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