70.2K

Verified Solution

Link Copied!

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

	Q1	Q2	Q3	Q4
Sales	$480	$520	$610	$760

Required:

(a)	Accounts receivable at the beginning of the year are $240. Bass has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)):

	Q1	Q2	Q3	Q4
Beginning receivables	$	$	$	$
Sales	480	520	610	760
Cash collections
Ending receivables	$	$	$	$

(b)	Accounts receivable at the beginning of the year are $240. Bass has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollaramount (e.g., 32)):

	Q1	Q2	Q3	Q4
Beginning receivables	$	$	$	$
Sales	480	520	610	760
Cash collections
Ending receivables	$	$	$	$

(c)	Accounts receivable at the beginning of the year are $240. Bass has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollaramount (e.g., 32)):

	Q1	Q2	Q3	Q4
Beginning receivables	$	$	$	$
Sales	480	520	610	760
Cash collections
Ending receivables	$	$	$	$

Answer & Explanation Solved by verified expert

See Answer