Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March April May $ 44,000 June 50,000 July 39,808 August $ 48,000 56,000 58,000 Sales in January and February were $47,000 and $46,000 respectively. Experience has shown that 5 percent of total sales are uncollectible, 40 percent are collected in the month of sale, 50 percentare collected in the following month, and 5 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 February March Tary May April 5 Sales Collections of current sales Collections of prior nonth's sales Collections of sales 2 months earlier Total cath receipts Allah Collections of prior nonth'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? mount Uncollected Expected to be collected 5