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The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $680 $770 $750 $920 Accounts
The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $680 $770 $750 $920 Accounts receivable at the beginning of the year are $215. The company has a 45-day collection period. a. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Q1 Q2 Q3 Q4 Beginning receivables Sales 680.00 770.00 750.00 920.00 Cash collections Ending receivables b. Recalculate the cash collections with a collection period of 60 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Beginning receivables Sales Cash collections Ending receivables Q1 Q2 Q3 Q4 680.00 770.00 750.00 920.00 c. Recalculate the cash collections with a collection period of 30 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Beginning receivables Sales Cash collections Ending receivables Q1 Q2 Q3 Q4 680.00 770.00 750.00 920.00
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