Wake-Up Coffee has projected next year's quarterly sales at $960, $890, $980, and $1,050 for Quarters 1 to 4, respectively. Accounts receivable at the beginning of the year are $212 and the collection period is 18 days. What is the amount of the accounts receivable balance at the end of Quarter 2? Assume a year has 360 days. Multiple Choice $167 $178 $184 $212 $207

$178

Explanation:

projected sales

accounts receivables at beginning of the year $212, collection period 18 days

for quarter 1:

cash collections = opening receivables + sales x [(90 days - 18 days)] / 90 days = $212 + $960 x 80% = $980

ending receivables = opening receivables + total sales - cash collections = $212 + $960 - $980 = $192

for quarter 2:

cash collections = opening receivables + sales x [(90 days - 18 days)] / 90 days = $192 + $890 x 80% = $904

ending receivables = opening receivables + total sales - cash collections = $192 + $890 - $904 = $178

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