Question

Litzenberger Company has projected the following quaterly sales amounts for the coming year.   Sales Q1= $750,...

Litzenberger Company has projected the following quaterly sales amounts for the coming year.  

Sales Q1= $750, Sales Q2=$840. Sales Q3= $910, Sales Q4= $970

Accounts receivable at the beginning of the year are $335. The company has a 45 day collection period . Calculate the cash collections in each four uaters by completing the following

Q1 Q2 Q3 Q4
Beginning Receivable $335
Sales $740 $840 $910 $970
Cash Collection
Ending Receivables

Please show working, thank you.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Calculate the cash collection each year as follows:

Formulas:

Note: 1/2 is calculated by using 45 days is collection period and 90 days in a quarter. 1/2(45/90).

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The MacFarlane Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...
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
The MacFarlane Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...
The MacFarlane Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $7,800 $9,600 $9,000 $7,500 a. Accounts receivable at the beginning of the year are $3,600. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Q1 Q2 Q3 Q4 Beginning receivables $ $ $ $...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 660 $ 690 $ 770 $ 840 a. Accounts receivable at the beginning of the year are $280. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 750 $ 780 $ 860 $ 940 a. Accounts receivable at the beginning of the year are $340. Morning Jolt has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e.g., 32.16)): Q1 Q2...
The Gruber Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2...
The Gruber Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 770 $ 800 $ 880 $ 960 a. Accounts receivable at the beginning of the year are $360. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by...
Q1 Q2 Q3 Q4 Beginning receivables 900 Sales 3200 4600 5800 6100 Cash Collections Ending Receivables...
Q1 Q2 Q3 Q4 Beginning receivables 900 Sales 3200 4600 5800 6100 Cash Collections Ending Receivables Problem 1: Accounts receivable at the beginning of the year are $900. Tenzing has a 45-day collection period.   Calculate cash collections for Q1, Q2, Q3, Q4 Rounding to 2nd decimal place. Problem 2: Accounts receivable at the beginning of the year are $900. Tenzing has a 90-day collection period.   Calculate cash collections for Q1, Q2, Q3, Q4 Rounding to 2nd decimal place. thank you
Accounts receivable at the beginning of the year are $900. Tenzing has a 45-day collection period....
Accounts receivable at the beginning of the year are $900. Tenzing has a 45-day collection period. Calculate cash collections in each of the 4 quarters by completing the following: Q1 Q2 Q3 Q4 Beginning receivables 900 Sales 3200 4600 5800 6100 Cash Collections Ending Receivables Calculate Cash Collections for Q1, Q2, Q3, Q4 rounding to second decimal
Calculating Cash Collections Problem 1 Accounts receivable at the beginning of the year are $900. Tenzing...
Calculating Cash Collections Problem 1 Accounts receivable at the beginning of the year are $900. Tenzing has a 30-day collection period. Calculate cash collections in each of the 4 quarters by completing the following: Problem 2 a-d; Accounts receivable at the beginning of the year are $900. Tenzing has a 45-day collection period. Calculate cash collections in each of the 4 quarters by completing the following: Q1 Q2 Q3 Q4 Beginning receivables 900 Sales 3200 4600 5800 6100 Cash Collections...
Brunell Products has projected the following sales for the coming year: Q1 Q2 Q3 Q4 Sales...
Brunell Products has projected the following sales for the coming year: Q1 Q2 Q3 Q4 Sales $570 $660 $810 $750 Sales in the year following this one are projected to be 20 percent greater in each quarter. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 20 percent of projected sales for the next quarter. Assume that the company pays immediately. a. What is the payables period in this case? (Do not round intermediate...
Brunell Products has projected the following sales for the coming year:    Q1 Q2 Q3 Q4...
Brunell Products has projected the following sales for the coming year:    Q1 Q2 Q3 Q4 Sales $510 $600 $750 $690    Sales in the year following this one are projected to be 20 percent greater in each quarter.    Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume that the company pays immediately.    a. What is the payables period in this case?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT