Calculating Cash Collections The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1Q2Q3Q4 Sales$760...

Calculating Cash Collections

The Litzenberger Company has projected the following quarterly sales amounts for the coming year:

 Q1Q2Q3Q4 Sales$760 $790 $870 $950  

a. Accounts receivable at the beginning of the year are $350. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: 

 Q1 Q2 Q3 Q4 Beginning receivables$ $ $ $ Sales 760  790  870  950 Cash collections        Ending receivables$ $ $ $  

b. Recalculate the cash collections with a collection period of 60 days.