Take me to the text Promotion Sports Inc. is a retailer of clothing and sports equipment. The following is Promotion Sports' sales forecast by quarter for the upcoming year. Promotion Sports Inc. Forecasted Sales For the Year Ended December 31, 2022 Q1 Q2 Q3 Q4 Total Sales $109,000 $306,000 $349,000 $248,000 $1,012,000 In addition, sales in Q3 and Q4 of 2021 totaled $139,000 and $193,000 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: 50% 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 13% 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). Promotion Sports Inc. Forecasted Sales For the Year Ended December 31, 2022 Q1 Q2 Q3 Q4 Total $109000 $ 306000 $ 349000 248000 1012000 $177480 $ 202420 $143840 $128520 $146580 104160 586960 $425040 Sales Cash Sales (@58% of quarter's sales) $63220 Credit Sales (@42% of quarter's sales) $ 45780 b) Prepare the cash receipts section of the 2022 cash budget (on a quarterly basis) Promotion Sports Inc. Cash Receipts For the Year Ended December 31, 2022 Q1 Q2 Q3 Q4 Total Cash Sales Current Collections (50%) $63220 $22890 177480 $64260 202420 143840 586960 $73290 $52080 $212520 Previous Quarter Collection (32%) $ $14650 $41126 $ 46906 $ Two Previous Quarter Collection (13%) $ $ $ $ Total Cash Receipts $ $ $ $ $