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Problem 16-5 Calculating Cash Collections [LO 3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 390 Q2 $ 450 Q3 Q4 $ 510 $ 660 a. Accounts receivable at the beginning of the year are $300. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Q2 Q3 Q4 Beginning receivables Sales $ 390 $ 390 450 $ 450 510 $ 510 660 660 Cash collections Ending receivables b. Accounts receivable at the beginning of the year are $300. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Beginning receivables Sales Cash collections Ending receivables 390 Q2 450 Q3 510 Q4 660 c. Accounts receivable at the beginning of the year are $300. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 390 Q2 450 Q3 510 Q4 660

Problem 16-5 Calculating Cash Collections [LO 3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 390 Q2 $ 450 Q3 Q4 $ 510 $ 660 a. Accounts receivable at the beginning of the year are $300. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Q2 Q3 Q4 Beginning receivables Sales $ 390 $ 390 450 $ 450 510 $ 510 660 660 Cash collections Ending receivables b. Accounts receivable at the beginning of the year are $300. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Beginning receivables Sales Cash collections Ending receivables 390 Q2 450 Q3 510 Q4 660 c. Accounts receivable at the beginning of the year are $300. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 390 Q2 450 Q3 510 Q4 660

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 18E
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Problem 16-5 Calculating Cash Collections [LO 3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 390 Q2 $ 450 Q3 Q4 $ 510 $ 660 a. Accounts receivable at the beginning of the year are $300. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Q2 Q3 Q4 Beginning receivables Sales $ 390 $ 390 450 $ 450 510 $ 510 660 660 Cash collections Ending receivables b. Accounts receivable at the beginning of the year are $300. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Beginning receivables Sales Cash collections Ending receivables 390 Q2 450 Q3 510 Q4 660 c. Accounts receivable at the beginning of the year are $300. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 390 Q2 450 Q3 510 Q4 660
Transcribed Image Text:Problem 16-5 Calculating Cash Collections [LO 3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 390 Q2 $ 450 Q3 Q4 $ 510 $ 660 a. Accounts receivable at the beginning of the year are $300. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Q2 Q3 Q4 Beginning receivables Sales $ 390 $ 390 450 $ 450 510 $ 510 660 660 Cash collections Ending receivables b. Accounts receivable at the beginning of the year are $300. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Beginning receivables Sales Cash collections Ending receivables 390 Q2 450 Q3 510 Q4 660 c. Accounts receivable at the beginning of the year are $300. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 390 Q2 450 Q3 510 Q4 660
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