Calculating Cash Collections The Litzenberger Company has projected the following quarterly sales amounts for the coming year:

a. Accounts receivable at the beginning of the year are $300. Litzenberger has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following:

b. Rework

(a) assuming a collection period of 60 days.

c. Rework

(a) assuming a collection period of 30 days. LO.1