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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. Sales Q1 $ 680 Q2 $ 710 Q3 $
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. Sales Q1 $ 680 Q2 $ 710 Q3 $ 790 Q4 $ 860 a. Accounts receivable at the beginning of the year are $260. 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 02 Q3 Q4 $ Beginning receivables Sales Cash collections 680.00 710.00 790.00 860.00 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.) Q2 03 $ Beginning receivables Sales Cash collections 680.00 710.00 790.00 860.00 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.) Q3 Q4 Beginning receivables Sales Cash collections 680.00 710.00 790.00 860.00 Ending receivables
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