Swifty Company has budgeted sales revenue as follows for the next 4 months:

Swifty Company has budgeted sales revenue as follows for the next 4 months: February $295,000 March 255,000 April 200,000 May 350,000 Past experience indicates that 80% of sales each month are on credit. The remainder are cash sales. Collection of credit sales occurs as follows: 60% in the month of sale, 35% in the month following the sale, and 3% in the second month following the sale. The other 2% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the month of May. SWIFTYCOMPANY Expected Cash Receipts from Sales March sales Credit sales $ April sales Credit sales May sales Credit sales Cash sales Total cash receipts $