Jayden's carryout stores has eight locations, The firm wishes to expand by two more stores and needs a bank loan to do this. Mrs. 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 figure.

Actual Forecast Additional info

November $400,000 January $480,000 April forecast $440,000

December $420,000 February $520,000

March $450,000

of the firm's sales, 35% are for cash and the remaining 65% are on credit. Of credit sales, 30% are paid in the month after sale and 70% are paid in the second month after the sale. materials cost 40% of sales and are purchased and receive each month in an amount sufficient to cover the following month's expected sales. materials are paid for the month after thery are received. Labor expense is 30% od sales and is paid in the month of sales. Selling and administrative expense is 15% of sales and is paid in the month of sales. overhead expense is $33,000 in cash per month.

Depreciation expense is $11,000 per month. Taxes of $9,000 will be paid in january, and dividends of $7,000 will be paid in March. Cash at the beginning of January is $100,000, and the minimum desired cash balance is $95,000

1. prepare a schedule of monthly cash receipts for January, February, and March
2. Prepare a schedule of monthly cash payments for January, february, march