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

Graham Potato Company has projected sales of $$12,000$ in September, $$15,000$ in October, $$22,000$ in November, and $$18,000$ in December. Of the company's sales, $30$ percent are paid for by cash and $70$ 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 $$18,500$ and $$11,000,$ respectively. The beginning cash balance in November is $$5,000,$ which is the desired minimum balance,

a$.$ Prepare a cash receipts schedule for November and December.

$\backslash$table$[[$Graham Potato Company$],[,$Cash Receipts Schedule$],[,$September,October,November,December$],[$Sales$,$$$,12,000,$$$,15,000,$$$,22,000,$$$,18,000],[$Credit sales,,$8,400,,10,500,,15,400,,12,600],[$Cash sales,,,,,$$,6,600,$$$,5,400],[$One month after sale,,,,,,$4,200,,6,160],[$Two months after sale,,,,,,$5,040,,6,300],[$Total cash receipts,,,,,$$,15,840,$$$,17,860]]$