Prince Charles Island Company has expected sales of $6,000 in September, $10,000 in October, $16,000 in November, and $12,000 in December. Cash sales are 20 percent and credit sales are 80 percent of total sales. Historically, 40 percent of receivables are collected in the month after the sale, and the remaining 60 percent collected two months after. Assume that the company's cash payments for November are $13,000, and December $6,000. The beginning cast balance in November is $5,000, which is the desired minimum balance. November $ December $ $ a. Prepare a cash receipts schedule for November and December Prince Charles Island Company Cash Receipts Schedule September October Sales $ Credit sales Cash sales Collections in the month after credit sales Collections two months after credit sales Total cash receipts $ InnerVision Limited anticipates total sales of $192,000 from July through October. Materials will represent 60 percent of sales and because of level production, material purchases will be equal for each month during these four months. Materials are paid for one month after the month purchased. Materials purchased in June were $16,000 (half of $32,000 in sales). Labour costs for each of the four months are slightly different due to a provision in the labour contract in which bonuses are paid in August and October. Fixed overhead is $5,000 monthly. The labour figures are: July $ 8,000 August 10,400 September 8,000 October 12.000 Prepare a schedule of cash payments for July through October August $ September $ October $ Purchases Payment to material purchases Labour Fixed overhead Total cash payments InnerVision Limited Cash Payment Schedule June July $ 16000 $ 28800 16000 8000 5000 $ $ $