Question
The Maynard Company has projected the following quarterly sales amounts for the coming year: Q1Q2Q3Q4Sales$570$600$660$810 Required:(a) Accounts receivable at the beginning of the year are
The Maynard Company has projected the following quarterly sales amounts for the coming year:
Q1Q2Q3Q4Sales$570$600$660$810
Required:(a)Accounts receivable at the beginning of the year are $330. Maynard has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following(Do not include the dollar signs ($). Negative amounts should be indicated by a minus sign):
Q1Q2Q3Q4Beginning receivables$$$$Sales570600660810Cash collections
Ending receivables$$$$
(b)Accounts receivable at the beginning of the year are $330. Maynard has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following(Do not include the dollar signs ($). Negative amounts should be indicated by a minus sign. Round your answers to the nearest dollar amount(e.g., 32)):
Q1Q2Q3Q4Beginning receivables$$$$Sales570600660810Cash collections
Ending receivables$$$$
(c)Accounts receivable at the beginning of the year are $330. Maynard has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following(Do not include the dollar signs ($). Negative amounts should be indicated by a minus sign. Round your answers to the nearest dollar amount(e.g., 32)):
Q1Q2Q3Q4Beginning receivables$$$$Sales570600660810Cash collections
Ending receivables$$$$
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