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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 $ 840 $ 870
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $ 840 $ 870 $ 950 $ 960 a. Accounts receivable at the beginning of the year are $430. 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.):
COUNTRY KETTLES, INC. Balance Sheets | ||||||
2016 | 2017 | |||||
Assets | ||||||
Cash | $ | 31,700 | $ | 30,920 | ||
Accounts receivable | 71,200 | 74,440 | ||||
Inventories | 62,100 | 64,500 | ||||
Property, plant, and equipment | 160,000 | 171,400 | ||||
Less: Accumulated depreciation | 46,960 | 51,200 | ||||
Total assets | $ | 278,040 | $ | 290,060 | ||
Liabilities and Equity | ||||||
Accounts payable | $ | 46,200 | $ | 48,420 | ||
Accrued expenses | 7,580 | 6,660 | ||||
Long-term debt | 26,900 | 29,950 | ||||
Common stock | 29,000 | 34,300 | ||||
Accumulated retained earnings | 168,360 | 170,730 | ||||
Total liabilities and equity | $ | 278,040 | $ | 290,060 | ||
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