Problem 2: Platypus, Inc. has the following sales forecast: 1st Qtr, Y1 Cash Sales $20,000 Credit Sales $60,000 2nd Qtr, Y1 $14,000 3rd Qtr, Y1 $30,000 4th Qtr, Y1 $40,000 1st Qtr, Y2 $30,000 $46,000 $70,000 $120,000 $90,000 Management has determined that 50% of credit sales are paid in the quarter of sale, 45% in the following quarter, and the remainder is uncollected. Sales in the previous quarter were $25,000 in cash and $80,000 on account. Required: Prepare a cash collections Schedule for Year 1, by quarter.