Question
The Bass Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $540 $630 $590 $840 Required: (a)
The Bass Company has projected the following quarterly sales amounts for the coming year:
Q1 | Q2 | Q3 | Q4 | |
Sales | $540 | $630 | $590 | $840 |
Required: |
(a) | Accounts receivable at the beginning of the year are $295. Bass has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 540 | 630 | 590 | 840 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
(b) | Accounts receivable at the beginning of the year are $295. Bass has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 540 | 630 | 590 | 840 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
(c) | Accounts receivable at the beginning of the year are $295. Bass has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollaramount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 540 | 630 | 590 | 840 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
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