Norman Enterprises recently began selling on the internet. Internet sales for the fourth quarter of 2019 totaled $600,000. The company's internet sales are expected to grow at a rate of 20% per quarter. All sales are made on account. The company's collection experience is that 70% of accounts receivable will be collected in the quarter of the sale and 30% in the next quarter. The balance in accounts receivable at the end of December 2019 was $180,000. Required: a) Prepare a sales budget for internet sales for the four quarters of 2020; include a total column that shows total budgeted internet sales for the year. (6) b) Calculate the accounts receivable balance as of the end of 2020. (1) c) Prepare a cash receipts schedule for all four quarters of 2020 and the year as a whole. (8)