October, $$22,000$ in November, and $$18,000$ in December. Of the company's sales, $30$

percent are paid for by cash and $70$ percent are sold on credit. Experience shows that $40$

percent of accounts receivable are paid in the month after the sale, while the remaining $60$

percent are paid two months after. Determine collections for November and December.

Also assume Graham's cash payments for November and December are $$18,500$ and

$$11,000,$ respectively. The beginning cash balance in November is $$5,000,$ which is the

desired minimum balance.

Prepare a cash budget with borrowing needed or repayments for November and

December. $($You will need to prepare a cash receipts schedule first.$)$