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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. Q1 Q2 Q3 Q4 Sales $750 $780 $
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. Q1 Q2 Q3 Q4 Sales $750 $780 $ 860 $940 a. Accounts receivable at the beginning of the year are $340. The company has a 45- day collection period. Calculate cash collections in each of the four quarters by completing the following: (A negative answer, Including cash collections, should be Indicated by a minus sign. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Beginning receivables Sales $ 340.00 750.00 Cash collections 340.00 Ending receivables $ 700.00 780.00 Q3 860.00 Q4 940.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer, Including cash collections, should be Indicated by a minus sign. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Beginning receivables $ Sales 340.00 750.00 Cash collections Ending receivables 780.00 Q3 860.00 Q4 940.00 c. Recalculate the cash collections with a collection period of 30 days. (A negative answer, Including cash collections, should be Indicated by a minus sign. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Beginning receivables Sales $ 340.00 750.00 Cash collections Ending receivables 780.00 Q3 860.00 Q4 940.00
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