Now assume that Summits's sales are collected as follows: Summits expects total sales of $701,000 for January and $354,000 for February. November sales totaled S392,000 and December sales were $410,000 The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) (Click the icon to view the schedule of cash receipts.) ) 40% in the month of the sale 40% in the month after the sale 15% two months after the sale 5% never collected Prepare a revised schedule A Reference (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers Cash Receipts from Customers * More Info January February January February Total sales Total sales $ 701,000 S 354,000 January February January February 60% in the month of the sale 20% in the month after the sale 19% two months after the sale 1% never collected 74,480 Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales In Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan-Credit sales, collection of Jan. sales in Jan. -, Jan.Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. 82,000 Print Done Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. , Feb.-Credit sales, collection of Feb. sales in Feb. S 77,900 420,600 140,200 Total cash receipts from customers 212,400 430,500 Total cash receipts from customers 577,080 S Enter any number in the edit fields and then click Check Answer. Print Dane