Westmore Products has projected the following quarterly sales. The accounts receivable at the beginning of the year is $380 and the collection period is 45 days. What are collections for the first quarter

Complete question:

Westmore Products has projected the following quarterly sales. The accounts receivable at the beginning of the year is $380 and the collection period is 45 days. What are collections for the first quarter?

Quater: Q1      Q2       Q3     Q4

Sales :  $675, $730, $815, $1,080

$717.50

Explanation:

Given:

Accounts receivable at the beginning of the year = $380

Collection period = 45 days

Required:

Find the collections for the first quarter.

To find the collections for the first quarter, use the formula below:

First quarter collections = =Account receiveble opening balance to be recoverd in 45 days + [1st quarter sales /90*45]

Collections for first quarter = $717.50

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