Problem $4-24($Algo$)$ Cash budget $[$LO$4-2]$

Graham Potato Company has projected sales of $$19,200$ in September, $$21,000$ in October, $$29,200$ in November, and $$25,200$ in December. Of the company's sales, $20$ percent are paid for by cash and $80$ percent are sold on credit. Experience shows that $40$ percent of accounts receivable are paid in the month after the sale, while the remaining $60$ percent are paid two months after. Determine collections for November and December.

Also assume Graham$$s cash payments for November and December are $$24,500$ and $$17,000,$ respectively. The beginning cash balance in November is $$5,000,$ which is the desired minimum balance.

Prepare a cash receipts schedule for November and December.

Prepare a cash budget with borrowing needed or repayments for November and December.

Note: Negative amounts should be indicated by a minus sign. Assume the November beginning loan balance is $$0.$ Leave no cells blank be certain to enter $0$ wherever required.