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 thwee-month financial plan for January through March. The tolowing are actual and forecasted sales figures November $420,000 January $500,000 April forecast December 440,000 February 540,000 $450,000 March 460,000 of the firms sales, 40 percent are for cash and the remaining 60 percent are on credit. of creat sales, 20 percent are paid in the month ater sale and 80 percent are pad 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. Maleniais are pad for in the month ater they are received Labor expense is 40 percent of sales and is paid for in the month of sales. Seling and administatihve expense is 20 percent of sales and is also pald n the morih of sles Ovened expense is $33,500 in cash per month ning of January is $102.000, and the men um Depreciation expense is $11 100 per month Taxes of $9 100 w desired cash batance is $97,000 be pa d in January and d dends of $7,500 wat be paid in March Cash at the be a. Prepare a schedule of monthly cash receipts for January, February and March Harry's Carryout Seores November December January 40 000 Sales Crest sales Cash sales One month aher sale wo months ater sale Tolal cash recelpts