Question
The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1Q2Q3Q4Sales$680$770$750$920 Accounts receivable at the beginning of the year are $215.
The Gruber Company has projected the following quarterly sales amounts for the coming year:
Q1Q2Q3Q4Sales$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.)
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.)
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.)
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