Prepare a monthly cash receipts schedule for the firm

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Question - Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.

March

$41,000

June

$47,000

April

50,000

July

58,000

May

32,000

August

62,000

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.

Reference no: EM132099878

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