Problem 1 (12 points) Najimi Enterprises recently began selling on the Internet, Sales for the current fourth quarter totaled $300,000. The company's Internet sales, which accounted for 30% of current sales, are expected to grow at a rate of 20% per quarter while in-store sales are expected to grow at only 5% ner quarter All sales are made on account The company so collection experience is the 70% of accounts receivable will be collected in the quarter of the sale and 25% in the next quarter. Five percent of receivables will prove uncollectible and are written off during the quarter following the second quarter after the sale. The company sold its receivables at the end of the yecar and therefore has no beginning receivables balance a. Prepare a sales budget for the first two quarters of the upcoming year. [5 points] b. Prepare a cash receipts schedule for the first two quarters of the upcoming year [5 points] c. Compute the accounts receivable balance as of the end of the second quarter [2 points) Form 1