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The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 2022 to be as follows: Sixty percent of

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The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 2022 to be as follows: Sixty percent of sales are on credit. On the basis of past experience, 50% of the accounts recelvable is collected the month after the sale and the remainder are collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm has a cash balance of $5,000 on hand as of October 1 , but its minimum required cash balance is $4,000 Required: A) Prepare a schedule of cash receipts for October, November, and December. B) Prepare a cash budget for the same period

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