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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 $830 $860 $940
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 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.): Beginning receivables Sales Cash collections Ending receivables Q1 Q2 420.00 830.00 860.00 Q3 940.00 Q4 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.) Q1 Q2 Beginning receivables 420.00 830.00 Sales Cash collections Ending receivables 860.00 Q3 940.00 Q4 970.00 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.) Q1 Q2 Beginning receivables 420.00 830.00 Sales Cash collections Ending receivables 860.00 Q3 940.00 Q4 970.00
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