Midterm (CH 1-4,6,7) i Saved Help Save & Exit Submit This question will be sent to your instructor for grading. The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 20x5 to be as follows: 31 August September October November December Sales $22,000 15,000 25,000 30.000 26,000 Purchases $17,000 19,500 29,000 20,000 24,000 Sixty percent of sales are on credit. On the basis of past experience, 50% of the accounts receivable is collected the month after the sale and the remainder are collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm has a cash balance of $5,000 on hand as of October 1, but its minimum required cash balance is $4,000 A) Prepare a schedule of cash receipts for October, November, and December B) Prepare a cash budget for the same period. Short Answer Toolbar navigation