Write the formulas and each steps of calculation, explain what you've calculated if needed. Prepare tables in questions 2

2. The following is income statement information of a restaurant for February. Of the sales revenue, 80% is collected in cash the remainder collected in the following month. Of cost of sales, 70% is paid in the current month and the remainder is paid in the next month. Wages and operating expenses are paid in the month incurred. The January ending cash balance was $4,400. January sales revenue is $40,400 and cost of sales is $14,000. Using a cash budget format, calculate ending cash balance for the month of February.

	February
Sales revenue	$50,000
Cost of sales	$25,000
Wages expense	$13,000
Other operating expenses	$5,800
Operating income	$6,200