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: Q1 Q2 Q3 Q4 Sales $ 850 $ 880

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:

Q1 Q2 Q3 Q4
Sales $ 850 $ 880 $ 960 $ 930

a.

Accounts receivable at the beginning of the year are $440. Morning Jolt has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e.g., 32.16)):

Q1 Q2 Q3 Q4
Beginning receivables $ $ $ $
Sales 850.00 880.00 960.00 930.00
Cash collections
Ending receivables $ $ $ $

b.

Recalculate the cash collections with a collection period of 60 days. (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e.g., 32.16))

Q1 Q2 Q3 Q4
Beginning receivables $ $ $ $
Sales 850.00 880.00 960.00 930.00
Cash collections
Ending receivables $ $ $ $

c.

Recalculate the cash collections with a collection period of 30 days. (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e.g., 32.16))

Q1 Q2 Q3 Q4
Beginning receivables $ $ $ $
Sales 850.00 880.00 960.00 930.00
Cash collections
Ending receivables $ $ $ $

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

Adventure Finance

Authors: Aunnie Patton Power

1st Edition

3030724271, 978-3030724276

More Books

Students also viewed these Finance questions

Question

What is a subclass and when is a subclass of use in data modeling?

Answered: 1 week ago

Question

Were some questions more difficult to ask than others? Why?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago