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Fairfield Minerals has a 45 day collection period. Sales for the next four quarters are estimated...

Fairfield Minerals has a 45 day collection period. Sales for the next four quarters are estimated at $6,200, $6,400, $7,200, and $7,500, respectively, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a 360 day year. The firm will have an accounts receivable balance of $3,600 at the end of the year. The accounts receivable balance at the beginning of Quarter 4 will be $3,200. The firm will collect $3,000 from Quarter 2 sales in Quarter 3. The firm will collect $4,600 in Quarter 1. The firm will collect a total of $7,350 in Quarter 4.

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