Question
The Cryer Company has projected the following quarterly sales amounts for the coming year: Q1 $7,890 Q2 $9,690 Q3 $9,090 Q4 $7,590 Required: (a) Accounts
The Cryer Company has projected the following quarterly sales amounts for the coming year:
Q1 $7,890
Q2 $9,690
Q3 $9,090
Q4 $7,590
Required: |
(a) | Accounts receivable at the beginning of the year are $3,690. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | _____$ | _____$ | ____$ | _____$ |
Sales | 7,890 | 9,690 | 9,090 | 7,590 |
Cash collections | ||||
Ending receivables | _____$ | _____$ | ____$ | ____$ |
(b) | Accounts receivable at the beginning of the year are $3,690. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following (Round your answers to the nearest whole dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | _____$ | ____$ | _____$ | ___$ |
Sales | 7,890 | 9,690 | 9,090 | 7,590 |
Cash collections | ||||
Ending receivables | ____$ | ____$ | ____$ | ____$ |
(c) | Accounts receivable at the beginning of the year are $3,690. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following (Round your answers to the nearest whole dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | ____$ | ____$ | _____$ | ____$ |
Sales | 7,890 | 9,690 | 9,090 | 7,590 |
Cash collections | ||||
Ending receivables | ____$ | _____$ | ____$ | ____$ |
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