Calculating Cash Collections

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

Q1Q2Q3Q4Sales$760$790$870$950

a.Accounts receivable at the beginning of the year are $350. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following:(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.)

Q1Q2Q3Q4Beginning receivables$$$$Sales760790870950Cash collectionsEnding receivables$$$$

b.Recalculate the cash collections with a collection period of 60 days.(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.A negative answer should be indicated by a minus sign.)

Q1Q2Q3Q4Beginning receivables$$$$Sales760790870950Cash collectionsEnding receivables$$$$

c.Recalculate the cash collections with a collection period of 30 days.

Q1Q2Q3Q4Beginning receivables$$$$Sales760790870950Cash collectionsEnding receivables$$$$