Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Doak Company has projected the following quarterly sales amounts for the coming year: Q1 $8,130 Q2 $9,900 Q3 $9,300 Q4 $7,800 Sales a. Accounts

image text in transcribed
image text in transcribed
image text in transcribed
The Doak Company has projected the following quarterly sales amounts for the coming year: Q1 $8,130 Q2 $9,900 Q3 $9,300 Q4 $7,800 Sales a. Accounts receivable at the beginning of the year are $3,900. 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 and round your answers to the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 9,900 9,300 7,800 Beginning receivables Sales Cash collections Ending receivables 3,900 8,130 7,965 4,065 b. Accounts receivable at the beginning of the year are $3,900. The company has a 60- day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 $ 9,900 9.300 7,800 Beginning receivables Sales Cash collections Ending receivables 3,900 8,130 6,610 5,420 c. Accounts receivable at the beginning of the year are $3,900. The company has a 30- day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 $ 9,900 9,300 7,800 Beginning receivables Sales Cash collections Ending receivables 3,900 8,130 9,320 2,710 $

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

Recommended Textbook for

Application Of Quantitative Techniques For The Prediction Of Bank Acquisition Targets

Authors: Pasiouras Fotios

1st Edition

9812565183, 9789812565181

More Books

Students also viewed these Accounting questions