US Sports Company projects the following sales:
April May June
$75,000 $95,000 $110,000
Ninety percent of US' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables are collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past US' bad debt percentage has been zero and is expected to continue at that level.
1) Prepare a monthly schedule for cash receipts for April through June.
2) What is the balance of Receivables at the end of June?