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: Actual Forecast Additional Information November $600,000 January $680,000 April forecast December $540,000 620,000 February 720,000 550,000 March Of the firm's sales, 50 percent are for cash and the remaining 50 percent are on credit. Of credit sales, 50 percent are paid in the month after sale and 50 percent are paid in the second month after the sale. Materials cost 30 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 40 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 $38,000 in cash per month Depreciation expense is $12,000 per month. Taxes of $10,000 will be paid in January, and dividends of $12,000 will be paid in March Cash at the beginning of January is $120,000, and the minimum desired cash balance is $115,000 a. Prepare a schedule of monthly cash receipts for January, February, and March. Sales 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 February March