Question
he Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $ 680 $ 710
| he Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: |
| Q1 | Q2 | Q3 | Q4 | |||||||||
| Sales | $ | 680 | $ | 710 | $ | 790 | $ | 860 | ||||
| a. | Accounts receivable at the beginning of the year are $260. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (A negative answer should be indicated by a minus sign.Round your answers to 2 decimal places, e.g., 32.16.): |
| Q1 | Q2 | Q3 | Q4 | |
| Beginning receivables | $260.00 | |||
| Sales | 680.00 | 710.00 | 790.00 | 860.00 |
| Cash collections | ||||
| Ending receivables |
| b. | Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.)
|
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| c. | Recalculate the cash collections with a collection period of 30 days. (A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.) |
| Q1 | Q2 | Q3 | Q4 | |
| Beginning receivables | $260.00 | |||
| Sales | 680.00 | 710.00 | 790.00 | 860.00 |
| Cash collections | ||||
| Ending receivables |
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Introduction to Governmental and Not for Profit Accounting
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
978-0132776011
