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The Litzenberger Company has projected the following quarterly sales amounts for the coming year: 01 $850 02 $ 880 03 $960 Sales 04 $930 a.
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: 01 $850 02 $ 880 03 $960 Sales 04 $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.) 01 Q2 03 04 $ $ $ $ Beginning receivables Sales Cash collections 850 880 960 930 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.) 01 02 03 04 $ $ $ $ 850 880 960 930 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.) 01 02 03 $ $ $ $ 850 880 960 930 Beginning receivables Sales Cash collections Ending receivables $ $ $
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