Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 02 Q3 04 Sales $ 750 $
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 02 Q3 04 Sales $ 750 $ 780 $ 8401 $ 990 a. Accounts receivable at the beginning of the year are $510. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Answer is complete and correct. Q1 22 Q2 Q3 Q4 Beginning receivables Salos S 510 $ 375 $ 390 S 420 750 780 840 990 Cash collections 885 765 810. 915 Ending receivables $ 375 390 S 420 495 b. Accounts receivable at the beginning of the year are $510. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Answer is complete but not entirely correct. Q1 Q2 Q3 Q4 Beginning receivables S 510 S 250 S 260 $ 280x Sales 750 780 840 990 Cash collections 1,010 x 770 820 940 x Ending receivables S 250 x S 260 $ 280 S 330 X c. Accounts receivable at the beginning of the year are $510. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Answer is complete but not entirely correct. Q1 Q2 Q3 Q4 Beginning receivables Sales S 510 $ 500 $ 520 $ 560x 750 780 840 990 Cash collections 760 760 800 890 Ending receivables $ 500 $ 520 S 560 660
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started