Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Cryer Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $8,340 $10,110 $9,510 $8,010 Required: (a)

The Cryer Company has projected the following quarterly sales amounts for the coming year:

Q1 Q2 Q3 Q4
Sales $8,340 $10,110 $9,510 $8,010

Required:
(a)

Accounts receivable at the beginning of the year are $4,110. 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 8,340 10,110 9,510 8,010
Cash collections
Ending receivables $ $ $ $

(b)

Accounts receivable at the beginning of the year are $4,110. 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 8,340 10,110 9,510 8,010
Cash collections
Ending receivables $ $ $ $

(c)

Accounts receivable at the beginning of the year are $4,110. 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 8,340 10,110 9,510 8,010
Cash collections
Ending receivables $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions