Build a Cash Receipts Budget See template_2 Use the sales for each quarter from the sales numbers from problem 1 Assume all sales are on account (credit sales) 30% of current quarter sales are collected in the current quarter and 70% are collected in the following a. quarter b. Ignore accounts receivable write-offs (uncollectible accounts). c. Calculate how much cash will be collected each quarter d. Calculate how much cash will be collected for the year 1st Quarter Sales collected from December, 2019 30% of 1st quarter sales $ 24,890 | 2nd Quarter 170% of 1st quarter sales 30% of 2nd quarter sales 3rd Quarter 70% of 2nd Quarter Sales 30% of 3rd quarter sales 4th Quarter 70% of 3rd Quarter Sales 30% of 4th quarter sales Total Budgeted Cash Receipts Answer 1 of 1 Done Cost of goods sold% Cost of goods sold of Ist Quarter / Sales of Ist Quarter - 15620.00/28400.00 55% Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Sales 28400.00 34850.00 30000.00 42780.00 136030.00 Cost of goods sold (55%) 15620.00 19167.50 16500.00 23529.00 74816.50 Gross profit 12780.00 15682.50 13500.00 19251.00 61213.50