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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Sales $650 $680 $760 $830 Q3 Q4
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Sales $650 $680 $760 $830 Q3 Q4 a. Accounts receivable at the beginning of the year are $270. 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 Cash collections 650.00 680.00 760.00 830.00 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 Q3 Q4 Beginning receivables Sales Cash collections 650.00 680.00 760.00 830.00 Ending receivables
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