5. Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $790 $740 $870 $950 a. Accounts receivable at the beginning of the year are $360. Morning Jolt has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections Ending receivables b. Rework (a) assuming a collection period of 60 days. c. Rework (a) assuming a collection period of 30 days.
5. Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $790 $740 $870 $950 a. Accounts receivable at the beginning of the year are $360. Morning Jolt has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections Ending receivables b. Rework (a) assuming a collection period of 60 days. c. Rework (a) assuming a collection period of 30 days.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please explain it clearly, and no excel formula should be used for solving the question
![5. Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has
projected the following quarterly sales amounts for the coming year:
Q1
Q2
Q3
Q4
Sales
$790
$740
$870
$950
a. Accounts receivable at the beginning of the year are $360. Morning Jolt has a
45-day collection period. Calculate cash collections in each of the four quarters
by completing the following:
Q1
Q2
Q3
Q4
Beginning receivables
Sales
Cash collections
Ending receivables
b. Rework (a) assuming a collection period of 60 days.
c. Rework (a) assuming a collection period of 30 days.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff282f27c-d2f6-47d5-8eb6-4ea2fa1ccd77%2Fbaa9caaa-83ba-49b4-bc8c-6758eae1e65f%2F8cd55bu_processed.png&w=3840&q=75)
Transcribed Image Text:5. Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has
projected the following quarterly sales amounts for the coming year:
Q1
Q2
Q3
Q4
Sales
$790
$740
$870
$950
a. Accounts receivable at the beginning of the year are $360. Morning Jolt has a
45-day collection period. Calculate cash collections in each of the four quarters
by completing the following:
Q1
Q2
Q3
Q4
Beginning receivables
Sales
Cash collections
Ending receivables
b. Rework (a) assuming a collection period of 60 days.
c. Rework (a) assuming a collection period of 30 days.
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