Its managerial accounting

Q#1: XYZ has forecast its sales revenues and purchases for the last 5 months of 2015 to be as follows: August September October November December Sales $22,000 15,000 25,000 30,000 26,000 Purchases $17,000 19,500 29,000 20,000 24,000 60% of sales are on credit. On the basis of past experience, 50% of the accounts receivable is collected the month after the sale and the remainderare collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm has a cash balance of $5,000 on hand as of September 31, but its minimum required cash balance is $4,000 Required: A. Prepare a schedule of cash receipts for October, November, and December B. Prepare a cash budget for the same period