June July August 50,000 61,000 65,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 45 percent are collected in the month of sale, 35 percent are collected in the following month, and 10 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. January Simpson Glove Company Cash Receipts Schedule March April 44,000 $ 53,000 19,800 $ 23,850 February $ 39,000 s June Credit sales $ 41.000 $ May 35,000 $ 15,750 $ 50,000s July August 61,000 $ 65,000 27,450 $ 29,250 In month of sale S $ 22,500 S One month after sale Two months after sale Total cash receipts S 19,800 $ 23,850 $ 15,750 $ 22,500 S 27,450 $ 29,250