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Watt s Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March $ 5 8 , 0

Watts Lighting Stores made the following sales projection for the next six months. All sales are credit sales.
March $ 58,000
April 64,000
May 53,000
June 62,000
July 70,000
August 72,000
Sales in January and February were $61,000 and $60,000, respectively.
Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are collected two months after sale.
Prepare a monthly cash receipts schedule for the firm for March through August.

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