Question
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 | $ | $ | $ | $ | ||||
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