Flounder Compary has budgeted sales revenue as follows for the next 4 months: Past experience indicates that 70% of sales each month are on credit. The remainder are cash soles. 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 monthfollowing the sale. The other 2% is uncollectible. Prepare a schedule which shows expected cash receipts from sales tor the month of May: Past experience indicates that 70 ef sales each month are on tredit. 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 exected cash receipts from sales for the month of May