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 $51,000 60,000 42,00 57.000 68, cee 72,000 Sales in January and February were $41000 and $39.000, respectively. Experience has shown that of total soles 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 Answer is not complete. June January February $ 41,00030,000 May 42,000 s July August 68,000S 72.000 57.000 Simpson Glove Company Cash Receipts Schedule March April 51,000 $ 60.000 S 20,400 30.000 11.700 15.000 x 8.200 2,050 40.300 $ 47.050 s Credit sales In month of sale One month after sale Two months after sale Total cash receipts s 0 0 0 0 $ 5 IS