All budgeted cash collections will come from sales revenue. To calculate the budgeted cas collections, we will assume that 20% of CWB's revenue is from cash sales. The other 80% from sales on credit, which is collected as follows: 60% of credit sales collected in the Quarter of sale. 40% of credit sales collected in the Quarter following the sale. Quarter 1: Cash collected from last year's Quarter 4 credit sales assumed to be $100,000. Calculate cash collected in Quarter 2 for credit sales made during Quarter 1. Calculate the budgeted cash receipts for the whole year