Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q3 Q1 Q2 Q4 Sales $850 $880 $960 $1,040

image text in transcribed
image text in transcribed
image text in transcribed
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q3 Q1 Q2 Q4 Sales $850 $880 $960 $1,040 a. Accounts receivable at the beginning of the year are $365. 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. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.): Answer is not complete. Q2 Q3 Q4 $ Beginning receivables Sales Q1 365.00 850.00 790.00 425.00 960.00 425.00 880.00 865.00 X 440.00 Cash collections Ending receivables 920.00 480.00 1,040.00 1,000.00 520.00 IS IS $ b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) X Answer is complete but not entirely correct. Q1 Q3 Q4 $ 365.00 Beginning receivables Sales Q2 566.67 880.00 $ 640.00 850.00 Cash collections 586.67 960.00 906.67 X 640.00 648.33 % 566.67 1,040.00 986.67% 693.33 860.00 586.67 Ending receivables $ $ c. Recalculate the cash collections with a period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Q1 Q2 Q3 Q4 $ 365.00 293.33 $ 850.00 Beginning receivables Sales Cash collections Ending receivables 960.00 283.33 880.00 870.00 X 293.33 931.67 X 283.33 320.00 1,040.00 1,013,33 346.67 $ $ 933.33 320.00 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The New Microfinance Handbook A Financial Market System Perspective

Authors: Joanna Ledgerwood, Julie Earne, Candace Nelson

1st Edition

0821389270, 978-0821389270

More Books

Students also viewed these Finance questions