Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May June July August $50,000 59,000 41,000 56,000 67,000 71,000 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 March April January February May June July August Credit sales In month of sale One month after sale Two months after sale Total cash receipts