Blue Spruce Company has budgeted sales revenue as follows for the next 4 months: February $305,000 March 245,000 April 225,000 May 325,000 Past experience indicates that 70% of sales each month are on credit. The remainder are cash sales. Collection of credit sales occurs as follows: 60% in the month of sale, 35% in the month following the sale, and 3% in the second month following the sale. The other 2% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the month of May. BLUE SPRUCECOMPANY Expected Cash Receipts from Sales March sales Credit sales April sales BLUE SPRUCECOMPANY Expected Cash Receipts from Sales For the Month Ended May 31 March sales Credit sales April sales 5145 Credit sales 55125 May sales Credit sales 136500 Cash sales 65000 Total cash receipts 261770