QUESTION 4 (25 marks) (a) The Walton Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $650 $630 $520 $820 Accounts receivable at the beginning of the year are $315. The company has a 45-day collection period. Calculate cash collections in each of the four quarters. (15 marks) (b) Discuss the characteristics of a firm with a long operating cycle? (10 marks) QUESTION 4 (25 marks) (a) The Walton Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $650 $630 $520 $820 Accounts receivable at the beginning of the year are $315. The company has a 45-day collection period. Calculate cash collections in each of the four quarters. (15 marks) (b) Discuss the characteristics of a firm with a long operating cycle? (10 marks)