Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Required: 1. Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year. 2. Construct a cash receipts budget for Shalimar Company for each quarter of the next year, showing the cash sales and the cash collections from credit sales. If an amount is zero, enter " 0 ". Shalimar Company Cash Receipts Budget For the Coming Year \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & Quarter 1 & & Quarter 2 & & Quarter 3 & & Quarter 4 \\ \hline Cash sales & 460,000 & $ & 510,000 & $ & 500,000 & $ & 760,000 \\ \hline \multicolumn{8}{|l|}{ Received on account from: } \\ \hline Quarter 3, current year & 308,700 & & & & & & \\ \hline Quarter 4, current year & 1,541,250 & & 431,550 & & & & \\ \hline Quarter 1, next year & 2,691,000 & & 1,035,000 & & & & \\ \hline \multicolumn{8}{|l|}{ Quarter 2, next year } \\ \hline \multicolumn{8}{|l|}{ Quarter 3, next year } \\ \hline \multicolumn{8}{|l|}{ Quarter 4, next year } \\ \hline Total cash receipts & & & & $ & & $ & \\ \hline \end{tabular} are assumed to be the same. How would that affect cash received in each quarter? Construct a revised cash budget using the new assumption. Feedback Check My Work Consider the change in credit sales and apply in preparing a revised cash receipts budget