The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: |
Q1 | Q2 | Q3 | Q4 | |||||||||
Sales | $ | 750 | $ | 780 | $ | 860 | $ | 940 | ||||
a. |
Accounts receivable at the beginning of the year are $340. Morning Jolt 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 | 750.00 | 780.00 | 860.00 | 940.00 | ||||
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 | 750.00 | 780.00 | 860.00 | 940.00 | ||||
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 | 750.00 | 780.00 | 860.00 | 940.00 | ||||
Cash collections | ||||||||
Ending receivables | $ | $ | $ | $ | ||||
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