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Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. table [ [ March ,
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.
tableMarch$AprilMayJuneJulyAugust
Sales in January and February were $ and $ respectively. Experience has shown that of total sales receipts percent are uncollectible, percent are collected in the month of sale, percent are collected in the following month, and percent are collected two months after sale.
Prepare a monthly cash receipts schedule for the firm for March through August.
tableSimpson Glove CompanyCash Receipts ScheduleJanuary,February,Marcr,,April,,May,,June,,July,,AugustCredit salesCollections:In month of saleOne month after saleTwo months after saleTotal cash receipts,,,$$$$$$
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