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Answer (A) is correct . At the end of the quarter, sales will represent 50 days of sales, which is about 5/9 of the quarter. The other 4/9 of the quarter’s sales will be collected during the quarter. Since bad debts will be 5% of sales, Tip-Top expects to collect $812,250 ($855,000 × 95%). Multiply $812,250 times 4/9 and the amount to be collected during the quarter is $361,000. Add in the $450,000 of beginning receivables to get total collections of $811,000.

Answer (B) is incorrect because The amount of $830,000 results from failing to consider uncollectible accounts.
Answer (C) is incorrect because The amount of $901,250 results from using a 40-day collection period instead of a 50-day period.
Answer (D) is incorrect because The amount of $902,500 results from using a 40-day collection period and failing to deduct bad debts.