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Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March $37,000 June $43,000 April 46,000

Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.

March $37,000 June $43,000
April 46,000 July 54,000
May 28,000 August 58,000

Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 35 percent are collected in the month of sale, 25 percent are collected in the following month, and 30 percent are collected two months after sale.

Prepare a monthly cash receipts schedule for the firm for March through August.

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