Answer please

Shop ' n Save Stores wish to expand by two more stores and needs a bank loan to accomplish this goal. There are currently eight locations in the Nashville area. Mr. Williams, the banker, will finance construction if the store can present an acceptable three-month financial plan for January through March. The following are actual and forecasted sales figures: Materials cost 20 percent of sales and are purchased and received each month in an amount sufficient to cover the following month's expected sales. Materials are paid for in the month after they are received. Selling and administrative expense is 15 percent of sales and is also paid in the month of sales. Shop ' n Save has overhead expense is $31,000 in cash per month. Labor expense is 50 percent of sales and is paid for in the month of sales. Of the store's sales, 60 percent are for cash and the remaining 40 percent are on credit. Of credit sales, 20 percent are paid in the month after sale and 80 percent are paid in the second month after the sale. Cash at the beginning of January is $92,000, and the minimum desired cash balance is $87,000. Depreciation expense is $10,600 per month. Taxes of $8,600 will be paid in January, and dividends of $5,000 will be paid in March. Deliverable: For January, February, and March, prepare the following schedules: - Schedule of monthly cash receipts - Schedule of monthly cash payments - Monthly cash budget with borrowings and repayments (if needed)