The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming...
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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 $ 700 $ 730 $ 810 $ 890 a. Accounts receivable at the beginning of the year are $280. 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 Q2 Q3 Q4 Beginning receivables $ $ $ $ Sales 700.00 730.00 810.00 890.00 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.) Q1 Q2 Q3 Q4 Beginning receivables $ $ $ $ Sales 700.00 730.00 810.00 890.00 Cash collections 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.) Q1 Q2 Q3 Q4 Beginning receivables $ $ $ $ Sales 700.00 730.00 810.00 890.00 Cash collections Ending receivables $ $ $ $
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