The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 200x 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 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 31, and its minimum required cash balance is $4,000., ,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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