I need help with the Cash Receipts from Customers.

The Goldberg Tire Company manufactures racing tires for bicycles. Goldberg sells tires for $80 each. Goldberg is planning for the next year by developing a master budget by quarters. Goldberg's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Goldberg Tire Company: (Click the icon to view the other data.) Read the requirements Prepare the cash receipts budget. (If an input field is not used in the table leave the input field empty, do not enter a zero.) Review the sales budget you prepared above. Cash Receipts from Customers First Second Third Fourth Reference Quarter Quarter Quarter Quarter Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.Cash sales Fourth Goldberg Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 1,800 1,950 2,100 $ 80 $ 80 $ 80$ Quarter Total Budgeted tires to be sold 8,100 1st Qtr.Credit sales, collection of Qtr. 1 sales in Qtr. 1 2,250 80 $ 80 Sales price per unit $ 144,000 $ 156,000 $ 168,000 $ 180,000 $ 648,000 Total sales 1st Qtr.Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.Cash sales 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 3 Print Done 3rd Qtr.Cash sales 3rd Qtr.Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.Cash sales 4th Qtr.Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Enter any number in the edit fields and then click Check Answer. -- 0 More Info C. (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) Budgeted sales are 1,800 tires for the first quarter and expected to increase by 150 tires per quarter. a. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 700 tires at $34 each. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected be 2,400 tires. FIFO inventory costing method is used. Raw Materials Inventory on December 31, 2018, consists of 1,400 pounds of rubber compound used to d. manufacture the tires. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is e. $5.50 per pound Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production, desired ending inventory for December 31, 2019 is 1,400 pounds; indirect materials are f. insignificant and not considered for budgeting purposes. g. Each tire requires 0.80 hours of direct labor, direct labor costs average $10 per hour. h. Variable manufacturing overhead is $2 per tire. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $32,416 per quarter for i other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,800 per quarter j for rent; $1,050 per quarter for insurance; and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Capital expenditures include $35,000 for new manufacturing equipment, to be purchased and paid in the I first quarter. Cash receipts for sales on account are 85% in the quarter of the sale and 15% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; uncollectible m. accounts are considered insignificant and not considered for budgeting purposes. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter; n. December 31, 2018, Accounts Payable is paid in the first quarter of 2019. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter o incurred. p. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. Goldberg desires to maintain a minimum cash balance of $45,000 and borrows from the local bank as Print Done Data Table - Goldberg Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash 49,000 30,000 7,700 23,800 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 110,500 150,000 (106,000) 44,000 $ 154,500 Total Assets Liabilities Current Liabilities: Accounts Payable $ 16,000 Stockholders' Equity $ Common Stock, no par 125,000 13,500 Retained Earnings Total Stockholders' Equity 138,500 $ Total Liabilities and Stockholders' Equity 154,500 Print Done