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The Litzenberger company has projected the following quarterly sales amounts for the coming year The Litzenberger Company has projected the following quarterly sales amounts for
The Litzenberger company has projected the following quarterly sales amounts for the coming year
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $780 $810 $890 $970 a. Accounts receivable at the beginning of the year are $370. 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.) Q3 Q4 Beginning receivables Sales Cash collections Q1 $ 780.00 Q2 $ 810.00 890.00 970.00 Ending receivables A $ ta $ 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.) Q4 Beginning receivables Sales Cash collections Q1 $ 780.00 Q2 $ 810.00 Q3 $ 890.00 970.00 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.) Beginning receivables Sales Cash collections Q1 $ 780.00 Q2 $ 810.00 Q3 $ 890.00 Q4 $ 970.00 Ending receivables $ $ $ $
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