Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me. I need to understand how to find Beginning receivables . I DO NOT WANT ONLY THE ANSWER. I know since it's a
Please help me. I need to understand how to find Beginning receivables. I DO NOT WANT ONLY THE ANSWER. I know since it's a 45 day collection that end receive is 0.5*sales, but I can't understand how to get beginning receivables because it is solving for two variables at the same time. Collections = beginning receivables + (0.5*sales)... However, I don't have collections either. So that is two variables to solve for. I don't know how to do two variables like this.
The MacFarlane Company has projected the following quarterly sales amounts for the coming year Q1 $7,890 Q2 $9,690 Q3 $9,090 Q4 $7,590 Sales a. Accounts receivable at the beginning of the year are $3,690. 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 the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections 7,890 9,690 9,090 7,590 Ending receivables 3945 b. Accounts receivable at the beginning of the year are $3,690. The company has a 60-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 the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections 7,890 9,690 9,090 7,590 Ending receivables c. Accounts receivable at the beginning of the year are $3,690. The company has a 30-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 the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections 7,890 9,690 9,090 7,590 Ending receivables
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started