Question
King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1 $750 Quarter 2 $820 Quarter 3 $790 Quarter 4
King Fisher Aviation has projected the following quarterly sales amounts for the coming year:
Quarter 1 $750
Quarter 2 $820
Quarter 3 $790
Quarter 4 $950
Accounts Receivable at the beginning of the year are $350. King Fisher has a 30 day collection period. Calculate the cash collections in each of the four quarters by completing the following for each quarter.
Beginning receivables
Sales
Cash Collections
Ending Receivables
Rework the Ending Receivables calculation using 45 and 60 days.
This is what i have so far can you help me with the 30 day and also check me work thanks!!!
| - | -day collection period | |||
| Q1 | Q2 | Q3 | Q4 | |
| Beginning receivables | $ 350.00 | |||
| Sales | 750.00 | 820.00 | 790.00 | 950.00 |
| Cash collections | ||||
| Ending receivables | ||||
| 45 | ||||
| Beginning receivables | ||||
| Sales | ||||
| Cash collections | 725.00 | 785.00 | 805.00 | 870.00 |
| Ending receivables | $ 375.00 | $ 410.00 | $ 395.00 | $ 475.00 |
| 60 | ||||
| Beginning receivables | ||||
| Sales | ||||
| Cash collections | 600.00 | 773.33 | 810.00 | 843.33 |
| Ending receivables | $ 500.00 | $ 546.67 | $ 526.67 | $ 633.33 |
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Personal Finance And Investments
Authors: Keith Redhead
1st Edition
0415428629, 978-0415428620
