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Ellis Sport Shop projects the following sales: April May June $ 65,000 $ 85,000 $ 105,000...

Ellis Sport Shop projects the following sales: April May June $ 65,000 $ 85,000 $ 105,000 Eighty-five percent of Ellis' sales are on credit with 55 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 $55,000 and March sales were $65,000. 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 to the nearest dollar. April May June Cash receipts $ $ $ b) What is the balance of Receivables at the end of June? $

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