Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March $45,000 54,000 36,000 51,000 62,000 April May June July August 66,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Simpson Glove Company Cash Receipts Schedule April February May June July August January March Credit sales In month of sale One month after sale Two months after sale 62,000 July August 66,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Simpson Glove Company Cash Receipts Schedule August July June May March April January February Credit sales In month of sale One month after sale Two months after sale Total cash receipts