Promotion Sports Inc. is a retailer of clothing and sports equipment. The following is Promotion Sports' sales forecast by quarter for the upcoming year.

Promotion Sports Inc.

Forecasted Sales

For the Year Ended December $31,2022$

Q$1$ Q$2$ Q$3$ Q$4$ Total

Sales $$117,000$ $$308,000$ $$345,000$ $$228,000$ $$998,000$

In addition, sales in Q$3$ and Q$4$ of $2021$ totaled $$127,000$ and $$207,000$ respectively. According to the company's sales records, $61\%$ of sales are made in cash and the remaining $39\%$ are made on account $($i$.$e$.$ credit sales$).$ Assume the following historical trends were noted by management regarding credit sales:

$48\%$ of credit customers pay during the quarter in which the sale took place

$35\%$ of credit customers pay in the quarter immediately following the quarter of sale

$13\%$ of credit customers pay in the second quarter following the quarter of sale

The remaining $4\%$ of credit sales are uncollectible

Do not enter dollar signs or commas in the input boxes.

Round your answers to the nearest whole number.

a$)$ Calculate the forecasted sales for each quarter $($separate revenue into cash and credit sales$).$

Promotion Sports Inc.

Forecasted Sales

For the Year Ended December $31,2022$

Q$1$ Q$2$ Q$3$ Q$4$ Total

Sales $Answer

$117000$

$Answer

$308000$

$Answer

$345000$

$Answer

$228000$

$Answer

$998000$

Cash Sales $($@$61\%$ of quarter's sales$)$ $Answer

$71370$

$Answer

$187880$

$Answer

$210450$

$Answer

$139080$

$Answer

$608780$

Credit Sales $($@$39\%$ of quarter's sales$)$ $Answer

$45630$

$Answer

$120120$

$Answer

$134550$

$Answer

$88920$

$Answer

$389220$

b$)$ Prepare the cash receipts section of the $2022$ cash budget $($on a quarterly basis$)$

Promotion Sports Inc.

Cash Receipts

For the Year Ended December $31,2022$

Q$1$ Q$2$ Q$3$ Q$4$ Total

Cash Sales $Answer

$71370$

$Answer

$187880$

$Answer

$210450$

$Answer

$139080$

$Answer

Current Collections $(48\%)$ $Answer

$21902$

$Answer

$57658$

$Answer

$64584$

$Answer

$42682$

$Answer

Previous Quarter Collection $(35\%)$ $Answer

$0$

$Answer

$Answer

$Answer

$Answer

Two Previous Quarter Collection $(13\%)$ $Answer

$0$

$Answer

$0$

$Answer

$Answer

$Answer

Total Cash Receipts $Answer

$Answer

$Answer

$Answer

$Answer