Question

In: Finance

King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1...

King Fisher Aviation has projected the following quarterly sales amounts for the coming year:

Quarter 1 $750

Quarter 2 $820

Quarter 3 $790

Quarter 4 $950

Accounts Receivable at the beginning of the year are $350. King Fisher has a 30 day collection period. Calculate the cash collections in each of the four quarters by completing the following for each quarter.

Beginning receivables

Sales

Cash Collections

Ending Receivables

Rework the Ending Receivables calculation using 45 and 60 days.

This is what i have so far can you help me with the 30 day and also check me work thanks!!!

                                  -   -day collection period
Q1 Q2 Q3 Q4
Beginning receivables $        350.00
Sales            750.00            820.00            790.00             950.00
Cash collections
Ending receivables
                                 45
Beginning receivables
Sales
Cash collections            725.00            785.00            805.00             870.00
Ending receivables $        375.00 $        410.00 $        395.00 $         475.00
                                 60
Beginning receivables
Sales
Cash collections            600.00            773.33            810.00             843.33
Ending receivables $        500.00 $        546.67 $        526.67 $         633.33

Solutions

Expert Solution

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1...
King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1 $750 Quarter 2 $820 Quarter 3 $790 Quarter 4 $950 Accounts Receivable at the beginning of the year are $350. King Fisher has a 30 day collection period. Calculate the cash collections in each of the four quarters by completing the following for each quarter. Beginning receivables Sales Cash Collections Ending Receivables Rework the Ending Receivables calculation using 45 and 60 days. Fill in...
King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1...
King Fisher Aviation has projected the following quarterly sales amounts for the coming year: Quarter 1 $750 Quarter 2 $820 Quarter 3 $790 Quarter 4 $950 Accounts Receivable at the beginning of the year are $350. King Fisher has a 30 day collection period. Calculate the cash collections in each of the four quarters by completing the following for each quarter. Beginning receivables Sales Cash Collections Ending Receivables Rework the Ending Receivables calculation using 45 and 60 days
The Jallouk Company has projected the following quarterly sales amounts for the coming year:     Q1...
The Jallouk Company has projected the following quarterly sales amounts for the coming year:     Q1 Q2 Q3 Q4 Sales $450 $510 $570 $720    a. Accounts receivable at the beginning of the year are $240. 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 $...
The Jallouk Company has projected the following quarterly sales amounts for the coming year:     Q1...
The Jallouk Company has projected the following quarterly sales amounts for the coming year:     Q1 Q2 Q3 Q4 Sales $450 $510 $570 $720    a. Accounts receivable at the beginning of the year are $240. 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 $...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 750 $ 780 $ 860 $ 940 a. Accounts receivable at the beginning of the year are $340. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2...
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $ 790 $ 820 $ 900 $ 980 a. Accounts receivable at the beginning of the year are $380. 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 2 decimal places, e.g., 32.16. A negative answer should be indicated by...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 710 $ 740 $ 820 $ 900 a. Accounts receivable at the beginning of the year are $290. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2...
The Geller Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...
The Geller Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4   Sales $420 $480 $540 $690 a. Accounts receivable at the beginning of the year are $270. 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.)     b. Accounts receivable at the beginning of the year...
The Doak Company has projected the following quarterly sales amounts for the coming year: Q1 Q2...
The Doak Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $3,900 $4,700 $4,300 $3,600 Accounts receivable at the beginning of the year are $1,700. a. 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.) b. The company has a 60-day collection period. Calculate cash...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:...
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:   Q1   Q2   Q3   Q4   Sales $ 750 $ 780 $ 860 $ 940 a. Accounts receivable at the beginning of the year are $340. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT