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The managerial accountant at Portsmouth Manufacturing reported the following information: Required Compute the total collections for each quarter in the schedule for cash collection. Quarter
The managerial accountant at Portsmouth Manufacturing reported the following information: Required Compute the total collections for each quarter in the schedule for cash collection.
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
Accounts Receivable balance on 1/1/13 | $1,750,000 | |||
From first quarter 2013 sales | $1,750,000 | $1,900,000 | ||
From second quarter 2013 sales | 9,000,000 | $2,200,000 | ||
From third quarter 2013 sales | 8,500,000 | $2,100,000 | ||
From fourth quarter 2013 sales | 6,700,000 |
Compute the total collections for each quarter in the schedule for cash collection.
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