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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: 01 02 03 04 Sales $830 $860 $940 $970
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: 01 02 03 04 Sales $830 $860 $940 $970 a. Accounts receivable at the beginning of the year are $420. 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. Round your answers to 2 decimal places, e.g. 32.16.) Q2 Q3 Q4 $ T Beginning receivables Sales Cash collections Ending receivables Q1 420.00 830.00 860.00 940.00 970.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g. 32.16.) 01 02 03 04 Beginning $ 420.00 42000 receivables 830.00 860.00 940.00 970.00 Sales 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. Round your answers to 2 decimal places, e.g. 32.16.) 101 102 103 104 Beginning receivables $ 420.00 Sales 830.00 860.00 940.00 970.00 Cash collections Ending receivables
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