Calculating Cash Collections for Oz-man Company
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The Oz-man Company has projected the following quarterly sales amounts for the coming year:
Sales Q1 $3600 Q2 $3300 Q3 $2400 Q4 $5600
a. Accounts receivable at the beginning of the year are $1800. Oz-man 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
Cash collections
Ending receivables
b. Rework (a) assuming a collection period of 60 days.
c. Rework (a) assuming a collection period of 30 days.
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Solution Summary
The solution explains how to calculate cash collections given the collection period.
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