File Edit View History Bookmarks Window Help 10 2.50 points Harrys Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do this. Mr. Wilson, the banker, will finance construction if the firm can present an acceptable three-month financial plan for January through March. The following are actual and forecasted sales Actual Forecast Additional Information November $260,000 January $400,000 April forecast $400,000 December 340,000 February 440,000 410,000 of the firm's sales, 60 percent are for cash and the remaining 40 percent are on credit. of credit sales, 20 percent are paid month after sale and paid in the second month after the to cost percent sales and are purchased and received each month an amount sufficient cover the following month's expected sales. Materials are paid for the month after they are received. Labor expense is 50 percent of sales and is paid for in the month of sales. Selling and administrative expense is 15 of sales and is also paid in the month of sales. Overhead expense is $1.000 in cash per month. Depreciation expense is $10,600 per month. Taxes of $8,600 wil be paid in January and dividends of $5,000 paid in March. Cash at the beginning of January is $92.000, and the minimum desired cash balance is $87.000. a. Prepare a schedule of monthly cash receipts for January, February and March. November Credit sales Cash sales one month after sale