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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Sales 810 840 920 980 a. Accounts
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Sales 810 840 920 980 a. Accounts receivable at the beginning of the year are $400. 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.): Q2 Q3 Q4 Q1 Beginning receivables 810.00 920.00 980.00 Sales 840.00 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.) Q2 Q3 Q4 Q1 Beginning receivables 810.00 920.00 980.00 Sales 840.00 Cash collections Ending receivables
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