CWB Inc. has the following information:
All budgeted cash collections will come from sales revenue. To calculate the budgeted cash collections, we will assume that 20% of CWB's revenue is from cash sales. The other 80% is 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.

	Q1	Q2	Q3	Q4
Budgeted Sales Revenue ($)	400000	400000	400000	200000

1. Calculate cash collected in Quarter 2 for credit sales made during Quarter 1.

2. Calculate the budgeted cash receipts for the whole year.