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 $ 53,000 62,000 44,000 59,000 70,000 74,000 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. Credit sales Collections: In month of sale One month after sale Two months after sale Total cash receipts Simpson Glove Company January February March Cash Receipts Schedule April May June July August