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The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $850 $880 $960 $930 a. Accounts
The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $850 $880 $960 $930 a. Accounts receivable at the beginning of the year are $440. 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 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Q1 Q2 Q3 Q4 850.00 880.00 960.00 930.00 Beginning receivables Sales Cash collections Ending receivables 5 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.) Q1 Q2 Q3 Q4 850.00 880.00 960.00 930.00 Beginning receivables Sales Cash collections Ending receivables 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.) Q1 Q2 Q3 Q4 Beginning receivables Sales 850.00 880.00 960.00 930.00 Cash collections Ending receivables
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