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The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $740 $770 $850 $930 a. Accounts
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $740 $770 $850 $930 a. Accounts receivable at the beginning of the year are $330. Litzenberger 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). Negative amounts should be indicated by a minus sign.) Q2 $ Q1 $ 330 740.00 Beginning receivables Sales Cash collections $ Q3 $ 850.00 Q4 $ 930.00 770.00 100 100 100 Ending receivables A $ $ 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). Negative amounts should be indicated by a minus sign.) Q4 Beginning receivables Sales Cash collections Q1 $ 330 740.00 Q2 $ 770.00 Q3 $ 850.00 $ 930.00 1001 100 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). Negative amounts should be indicated by a minus sign.) Beginning receivables Sales Cash collections ta Q1 $ 330 740.00 Q2 $ 770.00 Q3 $ 850.00 Q4 $ 930.00 EDD 010 Ending receivables $ $ $ $ $
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