Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March $43,000 April 52,000 May 34,000 June 49, 000 July 60,000 August 64,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. x Answer is complete but not entirely correct. Simpson Glove Company Cash Receipts Schedule January February March April May June July August Credit sales $ 41,000 $ 39,000 $ 41,000 * $ 50,000 x $ 32,000 x $ 47,000 x 58,000 x $ 62,000 x In month of sale 16,400 x $ 20,000 x $ 12,800 x 18,800 x $ 23,200 x $ 24,800 X One month after sale 11,700 12,300 x 15,000 x 9,600 X 14, 100 x 17,400 x Two months after sale 8,200 7,800 8,200 x 10,000 x 6,400 X 9,400 X Total cash receipts $ 36,300 $ 40, 100 $ 36,000 $ 38,400 $ 43,700 $ 51,600