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Ellis Sport Shop projects the following sales:



Ninety percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been 0 and is expected to continue.
(a) Prepare a monthly schedule of cash receipts for April-June.
(b) What is the balance of Receivables at the end of June.


Feb Mar April May June
60,000 70,000
60% collected 50,000 60,000

I am stuck!

You need to be posting this over under Accounting & Finance. Despite the math involved here, it's actually an accounting question. (And us accounting people do indeed know how to do math.)