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 $ 740 $ 770

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

Q1 Q2 Q3 Q4
Sales $ 740 $ 770 $ 850 $ 930

a.

Accounts receivable at the beginning of the year are $330. The company 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 740.00 770.00 850.00 930.00
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 740.00 770.00 850.00 930.00
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 740.00 770.00 850.00 930.00
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_2

Step: 3

blur-text-image_3

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

International Financial Reporting A Practical Guide

Authors: Alan Melville

6th edition

1292200743, 1292200766, 9781292200767, 978-1292200743

More Books

Students also viewed these Finance questions

Question

What is a better inficator of inflation and why ? CPI OR GDP??

Answered: 1 week ago

Question

T F Entrepreneurs are born, not made.

Answered: 1 week ago

Question

T F Entrepreneurs typically have a high internal locus of control.

Answered: 1 week ago