Question 1 Rainbow Enterprises has presented the following estimates relating to 2018 activities: Sales revenue Purchases Cost of sales Marketing and administration expenses Occupancy expenses Depreciation expense 31 March $830,000 544,000 415,000 196,000 91,000 14,800 Quarter ending 30 June 30 September $930,000 $1,030,000 433,000 413,000 465,000 515,000 196,000 196,000 91,000 91,000 14,800 14,800 31 December $1,080,000 443,000 540,000 196,000 91,000 14,800 Sales in the December quarter of 2017 were $730,000. All sales are on credit, of which 65 per cent are collected in the quarter of sale and 35 per cent in the following quarter. Purchases are on credit, and entity policy is such that all purchases are paid for in the same quarter. The marketing and administration expenses incurred and paid are the same. Occupancy expenses incurred and paid are usually the same, except that the electricity bill (estimated to be $740) for December 2018 will not be paid until January 2019. A major IT hardware acquisition of $27,700, to be paid for in cash, is expected in the December quarter. The bank balance at 31 December 2017 was $18.490. Prepare a schedule of receipts from accounts receivable showing cash collections for each quarter of 2018. (Please leave any answer fields without an entry blank. Enter negative amounts using either a negative sign preceding the number, e.g. -45, or parentheses, e.g. (45).) Rainbow Enterprises Schedule of receipts from accounts receivable for the quarters ending 31 December 2018 Receipts (S) Sales March June September $730,000 December Month December 2017 March $830,000 June $930,000 September $1,030,000 December 2018 $1,080,000 Total Attempts: 0 of 1 used SUBMIT