Tall Guys Clothing has a 45-day collection period. Sales for the next calendar year are estimated at $2,100, $1,600, $2,500 and $2,300, respectively, by quarter, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a year has 360 days.
(A) The firm will collect a total of $800 in Quarter 2.
(B) The accounts receivable balance at the beginning of Quarter 4 will be $1,150.
(C) The firm will collect a total of $2,000 in Quarter 3.
(D) The firm will have an accounts receivable balance of $2,300 at the end of the year.
(E) The firm will collect a total of $2,400 in Quarter 4.
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