T16-6 (similar to) Sparkle Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2017. (Click the icon to view the additional information.) All sales are made on account with 75% of sales made in a quarter collected in the same quarter and 25% collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2017. (If a box is not used in the table leave the box empty; do not enter a zero.) Quarters 2 3 4 Accounts receivable balance on 1-1-2017 (Fourth-quarter sales from prior year) From first-quarter 2017 sales From second-quarter 2017 sales From third-quarter 2017 sales From fourth-quarter 2017 sales Total collections Enter any number in the edit fields and then click Check Answer. A Data Table Accounts receivable (January 1, 2017) Budgeted sales in Quarter 1 (January 1 to March 31, 2017) Budgeted sales in Quarter 2 (April 1 to June 30, 2017) Budgeted sales in Quarter 3 (July 1 to September 30, 2017) Budgeted sales in Quarter 4 (October 1 to December 31, 2017) 42,000 260,000 270,000 225,000 235,000 Print Print Done Done