Karen Company has budgeted sales revenues as follows:

Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible.

Requirement 

Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June.

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January February March April May June Budgeted Sales Revenues $ 55,000 75,000 90,000 60,000 45,000 35,000