Question
The Litzenberger Co. has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $1,460 $1,010 $1,760 $2,070 a. Accounts
The Litzenberger Co. has projected the following quarterly sales amounts for the coming year:
Q1 | Q2 | Q3 | Q4 | |
Sales | $1,460 | $1,010 | $1,760 | $2,070 |
a. Accounts receivable at the beginning of the year are $465. Litzenberger has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Amount to be deducted should be indicated with a minus sign. Omit $ sign in your response.)
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 1,460.00 | 1,010.00 | 1,760.00 | 2,070.00 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
b. Accounts receivable at the beginning of the year are $465. Litzenberger has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Amount to be deducted should be indicated with a minus sign. Round the answers to 2 decimal places. Omit $ sign in your response.)
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 1,460.00 | 1,010.00 | 1,760.00 | 2,070.00 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
c. Accounts receivable at the beginning of the year are $465. Litzenberger has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Amount to be deducted should be indicated with a minus sign. Round the answers to 2 decimal places. Omit $ sign in your response.)
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 1,460.00 | 1,010.00 | 1,760.00 | 2,070.00 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
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