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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 $ 810 $890
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $750 $ 810 $890 $980 a. Accounts receivable at the beginning of the year are $335. 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.): Beginning receivables Sales Cash collections Ending receivables Q1 750.00 Q2 810.00 Q3 890.00 Q4 980.00 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.) Q1 Beginning receivables Sales Cash collections Ending receivables 750.00 Q2 810.00 Q3 890.00 Q4 980.00 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.) Q1 Beginning receivables Sales Cash collections Ending receivables 750.00 Q2 810.00 Q3 890.00 Q4 980.00
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