Question
My answers were incorrect. Can someone please help? The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1
My answers were incorrect. Can someone please help?
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: |
Q1 | Q2 | Q3 | Q4 | |||||||||
Sales | $ | 820 | $ | 850 | $ | 930 | $ | 970 | ||||
a. | Accounts receivable at the beginning of the year are $410. 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.): |
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.) |
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.) |
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $820 $850 $930 $970 a. Accounts receivable at the beginning of the year are $410. 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 $ 410.00 $ 410.00 $ 425.00 $ 465.00 Beginning receivables Sales 820.00 850.00 930.00 970.00 -820.00 -890.00 -950.00 Cash collections Ending receivables -835.00 425.00 $ $ 410.00 $ 465.00 $ 485.00 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.) Q1 Q2 Q3 Q4 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.) Q1 Q2 Q3 Q4 Beginning receivables $ 410.00 $ 425.00 $ 465.00 $ 485.00 Sales 820.00 850.00 930.00 970.00 -683.33 -830.00 -876.67 -943.33 Cash collections Ending receivables $ 546.67 $ 566.67 $ 620.00 $ 646.67 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 $ 410.00 820.00 850.00 930.00 970.00 Beginning receivables Sales Cash collections Ending receivables -956.67 -840.00 -903.33 -956.67 $ 273.33 $ 283.33 $ 310.00 $ 323.33
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