Promotion Sports Inc. is a retailer of clothing and sports equipment. The following is Promotion Sports' sales forecast by quarter for the upcoming year. Sales $127,000 $303,000 $350,000 $246,000 $1,026,000 In addition, sales in 03 and Q4 of 2020 totaled $129,000 and $200,000 respectively. According to the company's sales records, 52% of sales are made in cash and the remaining 48% are made on account (i.e. credit sales]. Assume the following historical trends were noted by management regarding credit sales: I 55% of credit customers pay during the quarter in which the sale took place I 32% of credit customers pay in the quarter immediately following the quarter of sale I 7% of credit customers pay in the second quarter following the quarter of sale I The remaining 6% of credit sales are uncollectible a) Calculate the forecasted sales for each quarter (separate revenue into cash and credit sales]. Sales #127000 'v #303000 'v #350000 'v #246000 'v #1026000 'v Cash Sales(@52%ofquarter'ssales) $|66040 | $|157560 | $|182000 | #127920 'v #53520 'v Credit Sales (@4896 ofquartele sales)$(60960 'v 54145440 'v 54168000 'v #113030 'v #492480 'v b] Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Cash Sales 0 66040 iv $i 157560 v at $ $ $ $ iv $i182000 iv $i127920 iv #533520 Current Collections (55%) Previous Quarter Collection (32%) EX $ $ $ $ $ Two Previous Quarter Collection (7%) Total Cash Receipts