Wells Catering Inc. is a caterer of corporate lunches and events. The following is Wells's sales forecast by quarter for the upcoming year. In addition, sales in Q3 and Q4 of 2019 totaled $135,000 and $203,000 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: - 48% of credit customers pay during the quarter in which the sale took place - 34% 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 Cash Recelpts For the Year Ended December 31, 2020