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Homework answers / question archive / Company has projected the following quarterly sales amounts for the coming year:                 Q1    Q2    Q3    Q4 Sales     340   360   380   450   Accounts receivable at the beginning of the year are 260

Company has projected the following quarterly sales amounts for the coming year:                 Q1    Q2    Q3    Q4 Sales     340   360   380   450   Accounts receivable at the beginning of the year are 260

Finance

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

 

              Q1    Q2    Q3    Q4

Sales     340   360   380   450

 

Accounts receivable at the beginning of the year are 260. Company has a 30-day collection period. Calculate cash collections in 3rd quarter:

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30 Days Collection Period:      
  Q1 Q2 Q3 Q4
Beginning Receivables      260.00      113.33      120.00      126.67 
Add: Sales      340.00      360.00      380.00      450.00 
Less: Ending Receivables (1/3 of Current Sales)     113.33      120.00      126.67      150.00 
Cash Collection     486.67      353.33      373.33      426.67 

 

So, Cash Collection for 3rd Quarter is $373.33.

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