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Problem 16-5 Calculating Cash Collections [LO 3]

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

	Q1	Q2	Q3	Q4
Sales	$240	$300	$360	$510

a. Accounts receivable at the beginning of the year are $450. 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	$	$	$	$
Sales	240	300	360	510
Cash collections
Ending receivables	$	$	$	$

b. Accounts receivable at the beginning of the year are $450. The company has a 60-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	$	$	$	$
Sales	240	300	360	510
Cash collections
Ending receivables	$	$	$	$

c. Accounts receivable at the beginning of the year are $450. The company has a 30-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	$	$	$	$
Sales	240	300	360	510
Cash collections
Ending receivables	$	$	$	$

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