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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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