Take me to the text Hype Sports Inc. is a retailer of clothing and sports equipment. The following is Hype Sports' sales forecast by quarter for the upcoming year. Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Sales $106,000 $295,000 $360,000 $238,000 $999,000 In addition, sales in Q3 and Q4 of 2020 totaled $128,000 and $213,000 respectively. According to the company's sales records, 60% of sales are made in cash and the remaining 40% are made on account (i.e. credit sales). Assume the following historical trends were noted by management regarding credit sales: 55% of credit customers pay during the quarter in which the sale took place 25% 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 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). Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Sales $106000 $295000 $360000 Cash Sales (@60% of quarter's sales) $63600 $177000 $216000 Credit Sales (@40% of quarter's sales) $ 42400 $118000 144000 $238000 $142800 $95200 $999000 $599400 399600 b) Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Hype Sports Inc. Cash Receipts For the Year Ended December 31, 2021 Q1 Cash Sales Current Collections (55%) $63600 34980 Previous Quarter Collection (25%) $57600 Two Previous Quarter Collection (15% ) $ Total Cash Receipts Check $ Q2 Q3 Q4 Total 177000 97350 $216000 118800 $142800 $599400 $ 78540 X $329670 $ $ $ $ $ $ >