Harry's Carryout Stores has eight iocations. The firm wishes to expand by two more stores and needs a bank loan to do this. ML, Wilson, the banker, will finance construction if the firm can present an acceptable three-month financial plan for Jantary throogh March. The following are actual and forecast sales figures: Or the firm's saies, 40 percent are for cash and the remaining 60 percent afe on credit. Of credit sales, 40 percent are poid in the month after sale and 60 percent are paid in the second month after the sale. Moteials 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 afe paid for in the month after they are recelved. Labor expense is 50 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. Ovethead expense is $26.000 in cash per month. Depreclation expense is $11,500 per month. Taxes of $9,500 will be paid in January, and dividends of $9.500 will be paid in March. Cash at the beginning of January is $110,000, and the minimum deslied cash balance is $105,000. o. Prepare a schedule of monthly cash receipts for January, February, and March. b. Prepare a schedule of monthly cash payments for January. February, and March. 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 loon balance is $0.)