Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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: (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Q3 Q4 Beginning receivables $ 320.00 730.00 Sales 760.00 840.00 920.00 Cash collections Ending receivables b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Q3 Q4 Beginning receivables $ 320.00 Sales 730.00 760.00 840.00 920.00 Cash collections Ending receivables c. Recalculate the cash collections with a collection period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Q2 Q3 Q4 Beginning receivables $ 320.00 Sales 730.00 760.00 Cash collections Ending receivables 840.00 920.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started