3 Take me to the text next out Hype Sports Inc. is a retailer of clothing and sports equipment. The following is Hype Sports' sales forecast by quarter for the upcoming year. Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Sales $106,000 $295,000 $360,000 $238,000 $999,000 In addition, sales in Q3 and Q4 of 2020 totaled $128,000 and $213,000 respectively. According to the company's sales records, 60% of sales are made in cash and the remaining 40% are made on account (ie. credit sales). Assume the following historical trends were noted by management regarding credit sales: 55% of credit customers pay during the quarter in which the sale took place 25% of credit customers pay in the quarter immediately following the quarter of sale 15% of credit customers pay in the second quarter following the quarter of sale The remaining 5% of credit sales are uncollectible Do not enter dollar signs or commas in the input boxes Bound your answers to the nearest whole number. a) Calculate the forecasted sales for each quarter separate revenue into cash and credit sales) Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 English (en) ayushi Quiz navigation Conta 03 04 Total Seneca AME ENGAGE a) Calculate the forecasted sales for each quarter (separate revenue into cash and credit sales). Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Sales Q1 106000 Cash Sales (60% of quarter's sales) $63600 Credit Sales (40% of quarter's sales) $42400 Q2 Q Q4 Total $2950001 $360000 $238000 999000 177000 $216000 142800 599400 $118000 144000 $95200 399600 by Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Hype Sports Inc. Cash Receipts For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Cash Sales 63600 $177000 $216000 142900 $599400 Current Collections (55%) 34980 x597350 x 118800 x 78540 x1296201 Previous Quarter Collection (25% $ S $ Two Previous Quarter Collection (15905 Total Cash Receipts English (en) ayushi grovi 5C Qub GE IHNE Contact us