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 $ 750 $ 810

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

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.):

Q1 Q2 Q3 Q4
Beginning receivable $280.00.
Sales 750.00 810.00 890.00 980.00
Cash collections
Ending receivables

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 Q2 Q3 Q4
Beginning receivables.
Sales 750.00. 810.00. 890.00. 980.00.
Cash collections
Ending receivables

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 Q2 Q3 Q4
Beginning receivables.
Sales 750.00. 810.00 890.00. 980.00.
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

More Books

Students also viewed these Accounting questions

Question

What are the degrees of freedom associated with ????e.

Answered: 1 week ago

Question

What is the difference between absolute and relative pay?

Answered: 1 week ago