Clooney Company expects sales for the first three months of next year to be ($200,000), ($235,000) and

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Clooney Company expects sales for the first three months of next year to be $$200,000$, $$235,000$ and $$298,000$, respectively. Clooney expects 40 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 70 percent in the month of the sale and 30 percent in the following month. Prepare a schedule of Clooney’s cash collections for the months of February and March.

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