Specialized Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget for 2019 (Click the icon to view the original budgets. Specialized Learning decided to revise its sales budget to show fourth quarter sales of 850 tablets due to the expectation of increased holiday sales. (Click the icon to view the revised sales budget.) Requirement 1. Revise the schedule of budgeted cash receipts to include the increase in fourth quarter sales and the change in the timing of customer receipts. (If a box is not used in the table, leave the box empty, do not enter a zero. Round your answers to the nearest dollar) Schdule of Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr-Cash sales 1st Qtr-Credit sales collected in 1st qtr 1st Qtr-Credit sales collected in 2nd qtr. 1st Qtr-Credit sales collected in 3rd qtr. 2nd Qtr-Cash sales 2nd Qtr-Credit sales collected in 2nd qtr 2nd Otr-Credit sales collected in 3rd qtr 2nd Qtr-Credit sales collected in 4th qfr 3rd Qtr-Cash sales 3rd Otr-Credit sales collected in 3rd qtr 3rd Qtr-Credit sales collected in 4th qtr. 4th Otr-Cash sales 4th Otr-Credit sales collected in 4th qtr. Total cash receipts from customers First Quarter Suppose a change in the receipt of cash from sales on account is as follows: (Click the icon to view the revised receipt of cash information) Read the requirements First Quarter Second Quarter Second Quarter Third Fourth Quarter Quarter Third Fourth Quarter Quarter Total Total Original Budgets Budgeted tablets to be sold Sales price per unit Total sales Sales Budget For the Year Ended December 31, 2019 First Third Quarter Quarter Total sales $ $ Sch ule of Cash Receipts om Cust ners 450 550 $ 247,500 $ Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr-Cash sales (40%) 1st Qtr-Credit sales (60%), 30% collected in 1st qtr 1st Qtr-Credit sales (60%), 70% collected in 2nd qtr. 2nd Otr-Cash sales (40%) 2nd Otr-Credit sales (60%), 30% collected in 2nd qtr. 2nd Qtr-Credit sales (60%), 70% collected in 3rd qtr 3rd QtrCash sales (40%) 3rd Qtr-Credit sales (60%), 30% collected in 3rd qtr. 3rd Qtr-Credit sales (60%), 70% collected in 4th qtr 4th Otr-Cash sales (40%) 4th Otr-Credit sales (60%), 30% collected in 4th qtr. Total cash receipts from customers Second Quarter 450 550 $ 247,500 $ $ $ Accounts Receivable balance, December 31, 2019: 4th Qtr-Credit sales (60%), 70% collected in 1st gtr of 2020 20,000 99,000 44.550 Print 1,600 550 $ 880,000 $ Done Clear All First Second Third Fourth Quarter Quarter Quarter Quarter Total 247,500 $ 247,500 $ 880,000 $440,000 $1,815,000 First Second Fourth Quarter Quarter Quarter $ 163,550 $ 247 500 $ $ 103,950 99,000 44,550 S 184,800 Fourth Quarter Total 800 550 $ 440,000 $ 1,815,000 Third Quarter S 103,950 352,000 158,400 3,300 550 Total $ 369,600 176,000 79 200 614,350 $624,800 $1,650,200 Original Budgets 14th Gtr-Credit sales (60%), 30% collected in 4th qur Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr-Credit sales (60%), 70% collected in 1st qtr of 2020 Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de Ociency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance S S 163,550 $ 247,500 S Specialized Learning Cash Budget For the Year Ended December 31, 2019 First Second Quarter Quarter 40,000 $ 163,550 203,550 $ 184,800 80,000 0 80,000 $ 40.395 $ 40,395 $ 90,000 90,000 54,830 170,830 3,800 8,200 25,275 67,750 1,500 0 247,500 30,775 67,750 1,500 2,400 243,155 371,455 (39,605) (83.560) (40,000) (40,000) (79,605) (123,560) 287.895 Print Done 124.000 0 124,000 40,440 S 19 200 614,350 $ 624,800 $ 1.650,200 Third Quarter 40,440 S 614,350 654,790 0 245,850 9,600 32,525 80,400 1,500 6,120 375,995 278,795 (40,000) 238,795 0 (204,000) (204,000) 74,795 $ Fourth Quarter 74,795 S 40,000 624,800 1,650,200 699,595 1,690,200 0 240,650 7,000 29,275 71,600 1,500 0 350,025 349,570 (40,000) 309,570 0 0 0 349,570 Total 180,000 712,160 28,600 117,850 287,500 6,000 8,520 1,340,630 349,570 (40,000) 309,570 204,000 (204,000) 0 349,570 Reference Budgeted tablets to be sold Sales price per unit Total sales Specialized Learning Sales Budget For the Year Ended December 31, 2019 First Third Quarter Quarter $ Second Quarter 450 450 550 $ 550 $ 247,500 $ 247,500 $ Print Done 1,600 550 $ 880,000 $ Fourth Quarter 850 550 $ 467,500 $ - X Total 3,350 550 1,842,500 i More Info 30% in the quarter of the sale 35% in quarter after the sale 33% two quarters after the sale 2% never collected Print Done - X i Original Budgets Total sales Specialized Learning Sales Budget For the Year Ended December 31, 2019 Third Quarter Budgeted tablets to be sold Sales price per unit Total sales Schdule of Cash Receipts from Customers First Quarter S $ 1 of 3 (1 complete) 450 550 $ 247,500 $ Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr-Cash sales (40%) 1st Otr-Credit sales (60%), 30% collected in 1st qtr. 1st Qtr-Credit sales (60%), 70% collected in 2nd qtr 2nd Otr-Cash sales (40%) 2nd Otr-Credit sales (60%), 30% collected in 2nd qtr. 2nd Otr-Credit sales (60%), 70% collected in 3rd atr 3rd Qtr-Cash sales (40%) 3rd Otr-Credit sales (50 %), 30% collected in 3rd qtr. 3rd Otr-Credit sales (60%), 70% collected in 4th qtr 4th Qtr-Cash sales (40%) Second Quarter 450 550 $ 247,500 $ S S First Quarter First Quarter Print 20,000 99,000 44,550 247,500 $ 247,500 $ Second Quarter Done 1,600 Clear Al 550 $ 880,000 $ Second Quarter $ 103,950 99,000 44,550 S Fourth Quarter Third Quarter 800 550 $ 440,000 $1,815,000 Total Fourth Quarter Total 880,000 $440,000 $1,815,000 Fourth Quarter Third Quarter 103,950 352,000 158,400 3,300 550 $ 369,600 176,000 Total I