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Homework: Financial Forecasting and Leverage Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 10 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 financial plan for January through March. The following are actual and forecast sales figures: 4 points Actual Forecast Additional Information November $640, 000 January $720, 000 April forecast $560, 000 December 660, 000 February 760,000 March 570, 000 Of the firm's sales, 50 percent are for cash and the remaining 50 percent are on credit. Of credit sales, 20 percent are paid in the month after sale and 80 percent are paid in the second month after the sale. Materials cost 40 percent of sales and are purchased and received each month in an amount sufficient to cover the following month's expected sales. Materials are paid for in the month after they are received. 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 $33,000 in cash per month. Depreciation expense is $12,200 per month. Taxes of $10,200 will be paid in January, and dividends of $13,000 will be paid in March. Cash at the beginning of January is $124,000, and the minimum desired cash balance is $119,000. a. Prepare a schedule of monthly cash receipts for January, February, and March. Answer is complete and correct. Harry's Carryout Store Cash Receipts Schedule November December January February March Sales $ 640,000 $ 660,000 $ 720,000 $ 760,000 $ 570,000 Credit sales 320,000 330,000 360,000 380,000 285,000 Cash sales 360,000 380,000 285,000 One month after sale 66,000 72,000 76,000 Two months after sale 256,000 264,000 288,000 Total cash receipts 682,000 716,000 $ 649,000 b. Prepare a schedule of monthly cash payments for January, February, and March. Answer is complete but not entirely correct. Harry's Carryout Stores Cash Payments Schedule January February March Payments for purchases 264,000 X $ 228,000 X $ 224,000 X Labor expense 216,000 228,000 171,000 Selling and administrative 144,000 152,000 114,000 Overhead 33,000 33,000 33,000 Taxes 10,200 Dividends 13,000 Total cash payments 667,200 641,000 $ 555,000 Homework: Financial Forecasting and Leverage Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 10 VIGUIL SAIEs JUU , UUV V JUU, VUVU JOU , VUVU LOU , UUUV Cash sales 360,000 380,000 285,000 One month after sale 66,000 72,000 76,000 Two months after sale 256,000 264,000 288,000 4 Total cash receipts 682,000 716,000 649,000 points b. Prepare a schedule of monthly cash payments for January, February, and March. & Answer is complete but not entirely correct. Harry's Carryout Stores Cash Payments Schedule January February March Payments for purchases 264,000 x $ 228,000 X $ 224,000 X Labor expense 216,000 228,000 171,000 Selling and administrative 44,000 152,000 114,000 Overhead 33,000 33,000 33,000 Taxes 10,200 Dividends 13,000 Total cash payments 667,200 $ 641,000 $ 555,000 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.) Answer is complete but not entirely correct. Harry's Carryout Stores Cash Budget January February March Total cash receipts $ 682,000 $ 716,000 $ 649,000 Total cash payments 707,200 X 641,000 X 555,000 X Net cash flow ,389,200 ,357,000 ,204,000 Beginning cash balance 124,000 119,000 173,800 x Cumulative cash balance 1,513,200 1,476,000 1,377,800 Monthly loan (or repayment) 20,200 x OX OX Ending cash balance 1,533,400 1,476,000 1,377,800 Cumulative loan balance 20,200 X O X