7. Smith Company estimates that it will sell 1,000 units of its product in each of the first three fiscal quarters of the coming year. It expects to sell 1,500 units in the fourth quarter. Its product sells for $10 per unit. The company presi- dent expects 90 percent of sales to be collected in cash in the quarter when sold, and the remaining 10 percent will be collected in the following quarter. Accounts receivable totaling $3,000 was outstanding at the beginning of the year. Based on these data, complete the following requirements. a. Prepare a sales forecast for the coming year. b. Prepare a cash receipts schedule for the coming year. c. What amount of receivables is expected to be outstanding at year end