Archer Electronics Company's actual sales and purchases for April and May are shown here along with forecasted sales and purchases for June through September.

Sales. Purchases April (actual) 320,000 130,000

Mav (actual) 300,000 120,000

June (forecast) 275,000 120,000

July (forecast) 275,000 180,000

August (forecast) 290,000 200,000

September (forecast) 330,000 170,000

The company makes 10 percent of its sales for cash and 90 percent on credit. Of the credit sales, 20 percent are collected in the month after the sale and 80 percent are collected two months later.

Archer pays for 40 percent of its purchases in the month after purchase and 60 percent two months after.

Labor expense equals 10 percent of the current month's sales. Overhead expense equals $12,000 per month. Interest payments of $30,000 are due in June and September. A cash dividend of $50 000 is scheduled to be paid in June. Tax payments of $25,000 are due in June and September. There is a scheduled capital outlay of $300,000 in September.

a) Using the template below prepare the Cash Receipt Schedule