Question
The Maynard Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $240 $300 $360 $510 Required: (a)
The Maynard Company has projected the following quarterly sales amounts for the coming year: |
Q1 | Q2 | Q3 | Q4 | |
Sales | $240 | $300 | $360 | $510 |
Required: |
(a) | Accounts receivable at the beginning of the year are $450. Maynard has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 240 | 300 | 360 | 510 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
(b) | Accounts receivable at the beginning of the year are $450. Maynard has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 240 | 300 | 360 | 510 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
(c) | Accounts receivable at the beginning of the year are $450. Maynard has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): |
Q1 | Q2 | Q3 | Q4 | |
Beginning receivables | $ | $ | $ | $ |
Sales | 240 | 300 | 360 | 510 |
Cash collections | ||||
Ending receivables | $ | $ | $ | $ |
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