gnment #4 browser=0&launchUrl=https%253A%252F%252Fgc.blackboard.com%252Fwebapps%252Fblackb... Saved Help Save & Exit Submit Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September. April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales $430,000 Purchases $141,000 410,000 131,000 385,000 131,000 385,000 191,000 400,000 211,000 440,000 181,000 The company makes 40 percent of its sales for cash and 60 percent on credit. Of the credit sales, 10 percent are collected in the month after the sale and 90 percent are collected two months after. Ellis pays for 40 percent of its purchases in the month after purchase and 60 percent two months after. Labour expense equals 25 percent of the current month's sales. Overhead expense equals $13,100 per month. Interest payments of $35,500 are due in June and September. A cash dividend of $55,500 is scheduled to be paid in June. Tax payments of $26,100 are due in June and September. There is a scheduled capital outlay of $410,000 in September. Ellis Electronics' ending cash balance in May is $25,500. The minimum desired cash balance is $20,500. a. Prepare a schedule of monthly cash receipts for June through September. Ellis Electronics Cash Receipts Schedule