One of the steps in creating the cash budget is determining the timing of cash inflows. ABSC Enterprises has created a six month sales forecast. Month March April May June July August Sales 18,000 19,000 15.000 12.000 10.000 19,000 All sales are on credit and experience has shown that 60% of the sales are collected the month of the sale, 25% the following month and 10% the second month following the sales. 5% are considered as uncollectable. Given the collection history ABSC has provide the Jan and Feb sales of $15,000 and $12,000 respectively as some portion will be collected during the six months of the forecasted period. Prepare a monthly cash receipts(collection) schedule for March to August. Month Sales Jan Feb Mar |Apr May 15,000 12,000 18,000 119,000 15,000 Jun Jul 12,000 10,000 Aug 9,000 Collected Current Month Collected from previous month Collected from sales 2 months Jago Total