For this practice example, please show all calculations and formulas. If completed in Excel, please show calculations and formulas.

practice 11:

Calculate cash collections for this firm for the next 4 quarters. Beginning accounts receivable = $2,500, and sales are $8,000 quarter 1, $9,500 for quarter 2, $10,000 for quarter 3 and $11,750 for quarter 4. The collection period is 30 days.