For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Sales $107,000 $281,000 $356,000 $257,000 $1,001,000 In addition, sales in Q3 and Q4 of 2019 totaled $125,000 and $195,000 respectively. According to the company's sales records, all revenue is invoiced (Le credit sales). Assume the following historical trends were noted by management regarding credit sales: 52% of credit customers pay during the quarter in which the sale took place 31% of credit customers pay in the quarter immediately following the quarter of sale 17% of credit customers pay in the second quarter following the quarter of sale Do not enter dollar signs or commas in the input boxes. Prepare a schedule of cash receipts on a quarterly basis. Wells Catering Inc. Cash Receipts For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Q3 2019 $ 21250 $ 21250 Q4 2019 $ 60450 $33150 $ 93600 Q1 2020 $ 55640 $33170) $ 18190 $ 107000 Q2 2020 $ 146120 $ 87110 $ 47770 $ 281000 Q3 2020 $185120 $110360 $ 295480 Q4 2020 $ 1333640 $ 133640