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 financlal plan for January through March. The following are actual and forecast sales figures: 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 pald in the second month after the sale. Materlals cost 40 percent of sales and are purchased and recelved each month in an amount sufficlent to cover the following month's expected sales. Materlals are paid for In the month after they are recelved. Labor expense is 30 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 $36,000 in cash per month. Depreciation expense is $11,600 per month. Taxes of $9,600 will be pald In January, and dividends of $10,000 will be pald In March. Cash at the beginning of January is $112,000, and the minimum desired cash balance is $107,000. a. Prepare a schedule of monthly cash recelpts for January, February, and March. b. Prepare a schedule of monthly cash payments 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. (Negatlve amounts should be Indlcated by a minus sign. Assume the January beglinning loan balance is $0.)