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(Click the icon to view the information.) Requirements totals for January and February combined. 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28 ? More info a. Sales are 75% cash and 25% credit. Credit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were $55,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: b. Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $21,000 and $25,000 in February. All purchases are paid 25% in the month of purchase and 75% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $9,000 in December. Budgeted salaries in January are $10,000 and February budgeted salaries are $11,500. Sales commissions each month are 10% of that month's sales. d. Rent expense is $3,000 per month. e. Depreciation is $2,700 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $13,500. g. The cash balance at the end of the prior year was $20,000

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