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Watt’s Lighting Stores made the following sales projection forthe next six months. All sales are credit sales.March$44,000June$48,000April50,000July56,000May39,000August58,000Sales in January and February were $47,000 and $46,000,respectively. Experience has shown that of total sales, 5 percentare uncollectible, 40 percent are collected in the month of sale,50 percent are collected in the following month, and 5 percent arecollected two months after sale.a. Prepare a monthly cash receipts schedule forthe firm for March through August.
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