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

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Finance

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

March $61,000 June $67,000
April 70,000 July 78,000
May 52,000 August 82,000

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.

Simpson Glove Company Cash Receipts Schedule
January February March April May June July August
Sales $ $ $ $ $ $ $ $
Collections of current sales
Collections of prior months sales
Collections of sales 2 months earlier
Total cash receipts $ $ $ $ $ $

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