Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month.
Assume the following sales:
January ................$65,000
February .............. 55,000
March .................. 100,000
April .................... 45,000
Sales in December of the prior year were $75,000.
Prepare a cash receipts schedule for January through April.