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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $ 730 $ 760
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: |
Q1 | Q2 | Q3 | Q4 | |
---|---|---|---|---|
Sales | $ 730 | $ 760 | $ 840 | $ 920 |
a. | Accounts receivable at the beginning of the year are $320. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) |
b. | Recalculate the cash collections with a collection period of 60 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) |
c. | Recalculate the cash collections with a collection period of 30 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) |
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