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 Januarythrough March. The following are actual and forecasted sales figures: Forecast Actual Additional Information $550,000 November S620,000 January $700,000 April forecast Decembe 640,000 740.000 March 560,000 Of the firm's sales, 30 percent are for cash and the remaining 70 percent are on credit. Of credit sales, 35 percent are paid in the month after sale and 65 percent are paid in the second month after the sale. Materials cost 25 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 $22,000 in cash per month. Depreciation expense is $12,100 per month. Taxes of $10.100 will be paid in January, and dividends of $12,500 will be paid in March. Cash at the beginning of January is $122,000, and the minimum desired cash balance is $117,000. a. Prepare a schedule of monthly cash receipts for January, February, and March. Harry's Carryout Stores Cash Receipts Schedule November December January February March 740,000 620,000 640,000 700,000 490,000 Credit sales 434,000 448,000 518,000 392,000 168,000 Cash sales 210,000 222,000 181,300 One month after sale 156.800 171,500 318.500 Two months after sale 282,100 291,200 648,900 684,700 667,800 Total cash receipts