Question

The MacFarlane Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...

  1. The MacFarlane Company has projected the following quarterly sales amounts for the coming year:

Q1

Q2

Q3

Q4

Sales

$5,600,000.00

$4,900,000

$4,200,000

$6,400,000

Accounts receivable at the beginning of the year are $2,100,000. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following:

Q1

Q2

Q3

Q4

Beginning Receivables

Sales

Cash collections

Ending receivables

Note: Must show work

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