Can someone please help me with part C? Thanks!

10 Harry's 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 forecast sales figures: ints Actual Forecast Additional Information November $660,000 January $740,000 April forecast $570,000 December 680,000 February 780,000 March 580,000 Of the firm's sales, 40 percent are for cash and the remaining 60 percent are on credit. Of credit sales, 40 percent are paid in the month after sale and 60 percent are paid in the second month after the sale. Materials cost 35 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. Labor expense is 35 percent of sales and is paid for in the month of sales. Selling and administrative expense is 20 percent of sales and is paid in the month of sales. Overhead expense is $34,000 in cash per month. Depreciation expense is $12,300 per month. Taxes of $10,300 will be paid in January, and dividends of $13,500 will be paid in March. Cash at the beginning of January is $126,000, and the minimum desired cash balance is $121,000. Retu 10 Depreciation expense is $12,300 per month. Taxes of $10,300 will be paid in January, and dividends of $13,500 will be paid in March. Cash at the beginning of January is $126,000, and the minimum desired cash balance is $121,000. a. Prepare a schedule of monthly cash receipts for January, February, and March. 4 points Answer is complete and correct. March Sales $ $ 580,000 Credit sales Cash sales One month after sale Two months after sale Total cash receipts Harry's Carryout Stores Cash Receipts Schedule November December January $ 660,000 $ 680,000 $ 740,000 396,000 408,000 444,000 296,000 163,200 237,600 $ 696,800 February 780,000 468,000 312,000 177,600 244,800 734,400 348,000 232,000 187,200 266,400 685,600 10 b. Prepare a schedule of monthly cash payments for January, February, and March. oints Answer is complete and correct. Harry's Carryout Stores March $ Payments for purchases Labor expense Selling and administrative Overhead Cash Payments Schedule January February 259,000 $ 273,000 259,000 273,000 148,000 156,000 34,000 34,000 203,000 203,000 116,000 34,000 Taxes 10,300 0 0 Dividends 0 13,500 569,500 Total cash payments $ 710,300 $ 736,000 $ 10 c. Prepare a monthly cash budget with borrowings and repayments for January, February, and March. (Negative amounts should be indicated by a minus sign. Assume the January beginning loan balance is $0.) 4 Answer is complete but not entirely correct. points Total cash receipts Total cash payments Net cash flow Harry's Carryout Stores Cash Budget January February March $ 459,200 X $ 734,400 $ 685,600 710,300 X 736,000 X 569,500 X 1,169,500 1,470,400 1,255,100 126,000 87,000 X 87,000 1,295,500 1,557,400 1,342,100 212,100 1,600 (116,100) X 1,507,600 1,559,000 1,226,000 87,000 X 87,000 X 87,000 Beginning cash balance Cumulative cash balance Monthly loan (or repayment) Ending cash balance Cumulative loan balance