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Monitoring of Receivables The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January 1. Its credit sales for the first 6 months of operations were as follows: Month Credit Sales January $ 45,000 February 95,000 March 115,000 April 100,000 May 135,000 June 155,000 Throughout this entire period, the firm's credit customers maintained a constant payments pattern: 30% paid in the month of sale, 35% paid in the first month following the sale, and 35% paid in the second month following the sale. The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January 1 Its credit sales for the first 6 months of operations were as follows: Month January February March April May June Credit Sales $ 45,000 95,000 115,000 100,000 135,000 155,000 Throughout this entire period, the firm's credit customers maintained a constant payments pattern: 309 paid in the month of sale, 35% paid in the first month following the sale, and 35% paid in the second month following the sale. a. What was Fogler's receivables balance at the end of March and at the end of June? Do not round intermediate calculations. Round your answers to the nearest dollar. March receivables: $ 11375 June receivables: $ 15575 b. Assume 90 days per calendar quarter. What were the average daily sales (ADS) and days sales outstanding (DSO) for the first quarter and for the second quarter? Do not round intermediate calculations. Round ADS answers to the nearest dollar and DSO answers to one decimal place. 1st Quarter ADS: $ 2833 1st Quarter DSO: 40.2 days 2nd Quarter ADS: $ 4333 2nd Quarter DSO: 35.9 days What were the cumulative ADS and DSO for the first half-year? Do not round intermediate calculations. Round ADS answer to the nearest dollar and DSO answer to one decimal place. Cumulative Quarter ADS: $ 7167 Cumulative Quarter Dso: 76.1 days Monitoring of Receivables The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January 1. Its credit sales for the first 6 months of operations were as follows: Month Credit Sales January $ 45,000 February 95,000 March 115,000 April 100,000 May 135,000 June 155,000 Throughout this entire period, the firm's credit customers maintained a constant payments pattern: 30% paid in the month of sale, 35% paid in the first month following the sale, and 35% paid in the second month following the sale. The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January 1 Its credit sales for the first 6 months of operations were as follows: Month January February March April May June Credit Sales $ 45,000 95,000 115,000 100,000 135,000 155,000 Throughout this entire period, the firm's credit customers maintained a constant payments pattern: 309 paid in the month of sale, 35% paid in the first month following the sale, and 35% paid in the second month following the sale. a. What was Fogler's receivables balance at the end of March and at the end of June? Do not round intermediate calculations. Round your answers to the nearest dollar. March receivables: $ 11375 June receivables: $ 15575 b. Assume 90 days per calendar quarter. What were the average daily sales (ADS) and days sales outstanding (DSO) for the first quarter and for the second quarter? Do not round intermediate calculations. Round ADS answers to the nearest dollar and DSO answers to one decimal place. 1st Quarter ADS: $ 2833 1st Quarter DSO: 40.2 days 2nd Quarter ADS: $ 4333 2nd Quarter DSO: 35.9 days What were the cumulative ADS and DSO for the first half-year? Do not round intermediate calculations. Round ADS answer to the nearest dollar and DSO answer to one decimal place. Cumulative Quarter ADS: $ 7167 Cumulative Quarter Dso: 76.1 days
