Sales for the Popson Pool Company for 2014 Are Forecasted

question 45

Essay

Sales for the Popson Pool Company for 2014 are forecasted at $7 million in the 1^st quarter,$9 million in the 2^nd quarter,$11 million in the 3^rd quarter,and $5 million in quarter 4.All sales are for credit,and Popson has a 90-day (i.e.,1 quarter)collection period such that 100% of sales are collected in the following quarter.Assume sales from the 4^th quarter of 2013 at $1 million.Calculate Popson's ending receivables balance for the 4^th quarter of 2014.

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