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Graham Potato Company has projected sales of $16,800 in September, $19,000 in October, $26,800 in...

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Accounting

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 Grahams 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.
Prepare a cash receipts schedule for November and December.

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