Baxter Company's budget committee provides the following information:(Click the icon to view the information.)Read the requirements.Requirement Prepare the schedule of cash receipts from customers for January and February 2024. Assume cash receipts are 80% in the month of thesale and 20% in the month following the sale.Baxter CompanyBudgeted Cash Receipts from CustomersTwo Months Ended February 28, 2024JanuaryCurrent month sales, 80%Prior month sales, 20%Total cash receiptsRequirement 2. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 60% in the month ofpurchase and 40% in the month following the purchase.40% of last month's purchases60% of current month's purchasesTotal cash payments for purchasesBaxter CompanyBudgeted Cash Payments for PurchasesTwo Months Ended February 28, 2024JanuaryRequirement 3. Prepare the schedule of cash payments for selling and administrative expenses for January and February 2024. Assume 40% of theaccrual for Salaries and Commissions Payable is for commissions and 60% is for salaries. The December 31 balance will be paid in January. Salaries andcommissions 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. (Round your answers to the nearest whole number.)Variable expenses:70% of last month's Commission ExpenseFebruaryBaxter CompanyBudgeted Cash Payments for Selling and Administrative ExpensesTwo Months Ended February 28, 2024January30% of current month's Commission ExpenseTotal payments for variable expensesFixed expenses70% of last month's Salaries Expense30% of current month's Salaries ExpenseFebruaryBeginning cash balance.Cash receipts from customersCash availableCash payments:Purchases of merchandise inventorySelling and administrative expensesPayments for income taxesTotal cash paymentsEnding cash balance.Rent expenseTotal payments for fixed expensesTotal payments for S and A expensesRequirement 4. Prepare the cash budget for January and February 2024. Assume no financing took place.Baxter CompanyCash BudgetTwo Months Ended February 28, 2024JanuaryFebruaryFebruary 1->OOOOOOBaxter Company's budget committee provides the following information:(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 80% insale and 20% in the month following the sale.Baxter CompanyBudgeted Cash Receipts from CustomersTwo Months Ended February 28, 2024JanuaryCurrent month sales, 80%Prior month sales, 20%Total cash receiptsRequirement 2. Prepare the schedule of cash payments for purchases for January and February 2024. Assume purchases are paid 60%purchase and 40% in the month following the purchase.BudTw40% of last month's purcha60% of current month's puTotal cash payments for puRequirement 3. Prepare thaccrual for Salaries and Cocommissions are paid 30%is an expiration of the prepBudgeted CashVariable expenses:70% of last month's Comm30% of current month's CoTotal payments for variablFixed expenses70% of last month's Salari30% of current month's SaRent expenseTotal payments for fixed expensesData tableFebruaryDecember 31, 2023, account balances:CashAccounts ReceivableMerchandise InventoryAccounts PayableSalaries and Commissions PayableBudgeted amounts for 2024:Sales, all on accountPurchases, all on accountCommissions ExpenseSalaries ExpenseRent ExpenseDepreciation ExpenseInsurance ExpenseIncome Tax ExpensePrint$JanuaryDone$ 26,00019,00025,00011,0002,95081,000 $40.6004,0503,5002,4009003002,400- XFebruary82,80041.5004,1403,5002,4009003002,400ary 2024. Assumevill be paid in Januaid as incurred. In

Data table December 31, 2023, account balances: Cash 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 I 3,500 2,400 900 300 2,400 $ 26,000 19,000 25,000 11,000 2,950 January February $ 81,000 $82,800 40,600 4,050 41,500 4,140 3,500 2,400 900 300 2,400 X ary 2 vill be aid a

Data table December 31, 2023, account balances: Cash 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 I 3,500 2,400 900 300 2,400 $ 26,000 19,000 25,000 11,000 2,950 January February $ 81,000 $82,800 40,600 4,050 41,500 4,140 3,500 2,400 900 300 2,400 X ary 2 vill be aid a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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