Wells Catering Inc. is a caterer of corporate lunches and events. The following is Wells's sales forecast by quarter for the upcoming year. Wells Catering Inc. Forecasted Sales For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Sales $106,000 $295,000 $356,000 $252,000 $1,009,000 In addition, sales in Q3 and Q4 of 2019 totaled $133,000 and $208,000 respectively. According to the company's sales records, all revenue is invoiced (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 27% of credit customers pay in the quarter immediately following the quarter of sale 18% of credit customers pay in the second quarter following the quarter of sale Do not enter dollar signs or commas in the input boxes. Prepare a schedule of cash receipts on a quarterly basis. Wells Catering Inc. Cash Receipts For the Year Ended December 31, 2020 Q1 Q2 Q3 Q4 Total Q3 2019 $Answer $Answer Q4 2019 $Answer $Answer $Answer Q1 2020 $Answer $Answer $Answer $Answer Q2 2020 $Answer $Answer $Answer $Answer Q3 2020 $Answer $Answer $Answer Q4 2020 $Answer $Answer Total Cash Receipts $Answer $Answer $Answer $Answer $Answer