The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q4 Q1 Q2 Q3 Sales $650 $680 $760 $830 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 (A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Beginning receivables Sales Cash collections Ending receivables $ Q1 270.00 650.00 Q2 680.00 Q3 760.00 Q4 830.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Pm.3. 

 

 

 

 

 

The Morning Jolt Coffee Company has projected the following quarterly sales amounts
for the coming year:
Q4
Q1 Q2 Q3
Sales $650 $680 $760 $830
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 (A negative answer should be indicated by a minus sign.
Round your answers to 2 decimal places, e.g., 32.16.):
Beginning receivables
Sales
Cash collections
Ending receivables
$
Q1
270.00
650.00
Q2
680.00
Q3
760.00
Q4
830.00
Transcribed Image Text:The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q4 Q1 Q2 Q3 Sales $650 $680 $760 $830 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 (A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.): Beginning receivables Sales Cash collections Ending receivables $ Q1 270.00 650.00 Q2 680.00 Q3 760.00 Q4 830.00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education