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(TCO 7) Roswell Company has budgeted sales revenue as follows for the next 4 months as follows:

February	$150,000
March	$120,000
April	$105,000
May	$165,000

Past experience indicates that 80% of sales each month are on credit and that 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. (Points : 30)