The Morning Jolt Coffee Company has projected the following quarterly sales amou
ID: 2805584 • Letter: T
Question
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Sales $650 $680 $760 $830 Q3 Q4 a. Accounts receivable at the beginning of the year are $270. 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 Cash collections 650.00 680.00 760.00 830.00 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 Q3 Q4 Beginning receivables Sales Cash collections 650.00 680.00 760.00 830.00 Ending receivablesExplanation / Answer
Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up a) Statementshowing Computations Paticulars Q1 Q2 Q3 Q4 Beginning Receivables 270.00 325.00 340.00 380.00 Sales 650.00 680.00 760.00 830.00 Cash collections 595.00 665.00 720.00 795.00 Ending receivables 325.00 340.00 380.00 415.00 b) Beginning Receivables 270.00 433.33 453.33 506.67 Sales 650.00 680.00 760.00 830.00 Cash collections 486.67 660.00 706.67 783.33 Ending receivables 433.33 453.33 506.67 553.33 c) Beginning Receivables 270.00 216.67 226.67 253.33 Sales 650.00 680.00 760.00 830.00 Cash collections 703.33 670.00 733.33 806.67 Ending receivables 216.67 226.67 253.33 276.67