payroll fundamentals

XYZ Company has provided the following information for the preparation of one part of the budget of the year ended December 31, 2020. a) The Company will sell the under mentioned quantities in each quarter of 2020 1st Quarter - 600 items 2nd Quarter - 900 items 3rd Quarter - 1200 items 4th Quarter - 1350 items b) The selling price of each item will be $100.00 c) It is estimated that 2/3 of sales will be collected in the same quarter and the remaining 1/3 of sales will be collected in the following quarter d) The Company started the year 2020 with $20,000.00 and it is assumed this will be collected in the 1st quarter of 2020. Required: Prepare the Sales Budget and its Estimated Cash Collection from Sales of each quarter for the year ended December 31, 2020. (Hint: check the sales budget for the Palm Plastic Plant of Chapter 3 for your reference)