Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales $420,000 Purchases $140,000 400,000 130,000 375,000 130,000 375,000 190,000 390,000 210,000 430,000 180,000 The company makes 30 percent of its sales for cash and 70 percent on credit. Of the credit sales, 50 percent are collected in the month after the sale and 50 percent are collected two months after. Ellis pays for 30 percent of its purchases in the month after purchase and 70 percent two months after. Labour expense equals 25 percent of the current month's sales. Overhead expense equals $13,000 per month, Interest payments of $35,000 are due in June and September. A cash dividend of $55,000 is scheduled to be paid in June. Tax payments of $26,000 are due in June and September. There is a scheduled capital outlay of $400,000 in September. Ellis Electronics' ending cash balance in May is $25,000. The minimum desired cash balance is $20,000. a. Prepare a schedule of monthly cash receipts for June through September Ellis Electronics Cash Receipts Schedule April Hay June July August September $