Sports sales for Hype Sports Inc. is a retailer of clothing and sports equipment. The following is Hype Spor by quarter for the upcoming year. Hype Sports Inc. Forecasted Sales For the Year Ending December 31, 2019 01 02 03 $115,000 $300,000 $350,000 04 $250,000 000 Periode $1,01 Sales 51,015.000 ly. According to the nade on account regarding credit sales In addition, sales in Q3 and Q4 of 2018 totaled $135,000 and $200,000, respectively. Accordin company's sales records, 60% of sales are made in cash and the remaining 40% are made on credit sales). Assume the following historical trends were noted by management regarding cra 50% of credit customers pay during the quarter in which the sale took place 30% of credit customers pay in the quarter immediately following the quarter of sale! 15% of credit customers pay in the second quarter following the quarter of sale The remaining 5% of credit sales are uncollectible Required a) Calculate the forecasted sales for each quarter (separate revenue into cash and credit sales). Hype Sports Inc. Forecasted Sales For the Year Ending December 31, 2019 01 02 03 04 Period End b) Prepare the cash receipts section of the 2019 cash budget (on a quarterly basis). Hype Sports Inc. Cash Receipts For the Year Ending December 31, 2019 Q1 Q2 Q3 04 Period End