The following information is from Harrelson Inc.'s, financial statements. Sales (all credit) were $18.00 million for last year. Sales to total assets Total debt to total assets Current ratio Inventory turnover Average collection period Fixed asset turnover 1.20 times 45 % 2.80 times 6 times 24 days 5 times Complete the balance sheet: (Use a 360-day year. Do not round intermediate calculations. Input your answers in millions rounded to 2 decimal places.) $ in millions $ in millions Cash $ 7.20 : Current debt Accounts receivable 1 20 Long-term debt 3.00 Total debt Inventory Total current assets $ 11 40 Fixed assets 3.60 Equity 15.00 Total debt and stockholders' equity Total assets $ $ 15.00 Graham Potato Company has projected sales of $16,800 in September, $19,000 in October, $26,800 in November, and $22,800 in December. Of the company's sales, 25 percent are paid for by cash and 75 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 $22,500 and $15,000, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance. a. Prepare a cash receipts schedule for November and December. Graham Potato Company Cash Receipts Schedule September October November December Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts $ 0 $ 0 a b. Prepare a cash budget with borrowing needed or repayments for November and December. (Negative amounts should be indicated by a minus sign. Assume the November beginning loan balance is $0.)