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.

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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).

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