Formulas will be appreciated! Thank you!

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 forecasted sales figures:

Actual			Forecast			Additional Information
November	$ 380,000		January	$ 640,000		April forecast	$ 520,000
December	580,000		February	680,000
			March	530,000

Of the firm's sales, 50 percent are for cash and the remaining 50 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. 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. Labor expense is 50 percent of sales and is paid for in the month of sales. Selling and administrative expense is 15 percent of sales and is also paid in the month of sales. Overhead expense is $37,000 in cash per month.

Depreciation expense is $11,800 per month. Taxes of $9,800 will be paid in January, and dividends of $11,000 will be paid in March. Cash at the beginning of January is $116,000, and the minimum desired cash balance is $111,000.

(a)	Prepare a schedule of monthly cash receipts for January, February and March. (Omit the "$" sign in your response.)

HARRYS CARRY-OUT STORES Cash Receipts Schedule
	November	December	January	February	March	April
Sales	$	$	$	$	$	$
Cash sales	$	$	$	$	$	$
Credit sales	$	$	$	$	$	$
Collections in the month after credit sales)		$	$	$	$	$
Collections two months after credit sales)			$	$	$	$
Total cash receipts			$	$	$

(b)	Prepare a schedule of monthly cash payments for January, February and March. (Omit the "$" sign in your response.)

HARRYS CARRY-OUT STORES Cash Payments Schedule
	January	February	March
Payments for purchases	$	$	$
Labor expense	$	$	$
Selling and admin. exp.	$	$	$
Overhead	$	$	$
Taxes	$
Dividends			$
Total cash payments	$	$	$

(c)	Prepare a schedule of monthly cash budget with borrowings and repayments for January, February and March. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

HARRYS CARRY-OUT STORES Cash Budget
	January	February	March
Total cash receipts	$	$	$
Total cash payments	$	$	$
Net cash flow	$	$	$
Beginning cash balance	$	$	$
Cumulative cash balance	$	$	$
Monthly loan or (repayment)	$	$	$
Cumulative loan balance	$	$	$
Ending cash balance	$	$	$