PROBLEM IV The XYZ Company submitted the following sales forecast for the upcoming fiscal year. 1" Quarter 2nd Quarter 3 Quarter 4th Quarter Budgeted unit sales 9,000 10,000 14,000 12,000 Selling price per unit $17.00. Management expects to collect 60% of sales in the quarter in which the sales are made, 35% in the following quarter, and 5% is expected to be uncollectible. Beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, $80,000. Required: 1) Prepare the company's sales budget and schedule of expected cash collection. 2)Assume that the company will prepare a budgeted sales balance sheet as of the 4th Quarter. Compute the accounts receivable as of the end of that Quarter