PROBLEM SOLVING 1: (05 points) The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 200% to be as follows: Sales Purchases August $22,000 $17,000 September 15,000 19,500 October 25,000 29,000 November 30,000 20,000 December 26,000 24,000 60% of sales are on credit. On the basis of past experience, 50% of the accounts receivable are collected one month after the sale and the remainder are collected 2 months after the ale Parchases are paid 30 days after they pre incurred. The firm has a cash belo on hand as of October 31, and its minimum required cash balance is SA, DOO a) Prepare a schedule of cash receipts for October, November and December. b) Prepare a cash budget for the same period