Take me to the text Buildup Sports Inc. is a retailer of clothing and sports equipment. The following is Buildup Sports' sales forecast by quarter for the upcoming year. Buildup Sports Inc. Forecasted Sales For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Sales $113,000 $295,000 $347,000 $251,000 $1,000,000 In addition, sales in Q3 and Q4 of 2019 totaled $132,000 and $186,000 respectively. According to the company's sales records, 58% of sales are made in cash and the remaining 42% are made on account (i.e. credit sales). Assume the following historical trends were noted by management regarding credit sales: 46% of credit customers pay during the quarter in which the sale took place 32% of credit customers pay in the quarter immediately following the quarter of sale 17% of credit customers pay in the second quarter following the quarter of sale The remaining 5% 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). Buildup Sports Inc. Forecasted Sales For the Year Ended December 31, 2020 Q1 02 Q3 Q4 Total Sales $ 113000 $ 295000 $ 347000 $ 251000 $ 1006000 $ 171100 $ 201260 $ 145580 $ 583480 Cash Sales (@58% of quarter's sales) $65540 Credit Sales (@42% of quarter's sales) $ 47460 $ 123900 $ 145740 $ 105420 $ 422520 b) Prepare the cash receipts section of the 2020 cash budget (on a quarterly basis) Buildup Sports Inc. Cash Receipts For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Cash Sales $ 65540 171100 $ 201260 $ 145580 $ 583480 Current Collections (46%) $ 21832 $ 56994 $ 67040 $ 48493 $ 194359 Previous Quarter Collection (32%) $ 24998 $ 39648 $ $ $ Two Previous Quarter Collection (17%) $ 9425 $ EA EA Total Cash Receipts $ 121795 $ A $