Question
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $ 730 $ 760 $ 840
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: |
Q1 | Q2 | Q3 | Q4 | |||||||||
Sales | $ | 730 | $ | 760 | $ | 840 | $ | 920 |
a. | Accounts receivable at the beginning of the year are $320. 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.) |
Q1 | Q2 | Q3 | Q4 | |||||
Beginning receivables | $ | $ | $ | $ | ||||
Sales | 730 | 760 | 840 | 920 | ||||
Cash collections | ||||||||
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).Negative amounts should be indicated by a minus sign.) |
Q1 | Q2 | Q3 | Q4 | |||||
Beginning receivables | $ | $ | $ | $ | ||||
Sales | 730 | 760 | 840 | 920 | ||||
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).Negative amounts should be indicated by a minus sign.) |
Q1 | Q2 | Q3 | Q4 | |||||
Beginning receivables | $ | $ | $ | $ | ||||
Sales | 730 | 760 | 840 | 920 | ||||
Cash collections | ||||||||
Ending receivables | $ | $ | $ | $ | ||||
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