Harry's Carryout Stores has eight locations. The fur wishes to expand by two more stores and needs a bank loan to do this. M. 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 $540,000 January 5620,000 April forecast 5510,000 December 560,000 February 650,000 March 520,000 or 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 ofter sale and 65 percent ore paid in the second month after the sole Materials cost 35 percent of sales and are purchased and received each month in an amount oufficient to cover the following month's expected sole Materials are paid for in the month ofter they are received Labor expense is 45 percent of sales and is paid for in the month of sales Selling and administrative expense is 10 percent of sales and is paid in the month of sales Overhead expense is $20,000 in cash per month Depreciation expenses $11.700 per months. Toxes of 9.700 will be paid in January, and dividends of $10,500 will be paid in March Cath at the beginning of January in $114,000, and the minimum desired cash balance'li 5109,000 a. Prepare a schedule of monthly canh receipts for January February, and Marsh Hany's Carryout Stores Cash Receipts Schedule December January November February March Sains Credit sales Cathaler one month after sale 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 Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts $ 05 05 0 b. Prepare a schedule of monthly cash payments for January, February, and March. Harry's Carryout Stores Cash Payments Schedule January February March Payments for purchases Labor expense Selling and administrative Overhead Taxes Dividends Total cash payments $ 0$ 0 $ 0 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 loan balance is $0.) Harry's Carryout Stores Cash Budget January February March 0 0 Total cash receipts Total cash payments Net cash flow Beginning cash balance Cumulative cash balance Monthly loan cor repayment Ending cash bace Cumalive loan balance 0 0 0 0 0 0