Prepare a monthly cash receipts schedule for the firm

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Reference no: EM13295474

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

March $ 42,000 June $ 48,000
April 51,000 July 59,000
May 33,000 August 63,000

Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts, 10 percent are uncollectible, 35 percent are collected in the month of sale, 25 percent are collected in the following month, and 30 percent are collected two months after sale.

Prepare a monthly cash receipts schedule for the firm for March through August. (Omit the "tiny_mce_markerquot; sign in your response.)

SIMPSON GLOVE COMPANY
Cash Receipts Schedule
January February March April May June July August
Sales $ $ $ $ $ $ $ $
Collections of current sales
Collections of prior month's sales
Collections of sales 2 months earlier

Total cash receipts $ $ $ $ $ $

Reference no: EM13295474

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