Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales March April May $ 37,000 June 43,600 July 32,009 August $ 41,000 49,000 51,000 Sales in January and February were $40,000 and $39,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August Ed's Waterbeds Cash Receipts Schedule March January February $ April 5 May Sales Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale a. Prepare a monthly cash receipts schedule for the firm for March through August Waterbeds Cash Receipts Schedule February March $ January April $ May $ Sales Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount Uncollected Expected to be collected