Prepare a monthly cash receipts schedule for the firm

Reference no: EM13279230

Simpson Glove Company has mad the following projections for the next six months. All sales are credit sales. March $38,000 April $45,000 May $27,000 June $42,000 July $53,000 August $57,000 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: EM13279230

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