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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bec5e2c-acec-47e5-b11b-bd8e84820449%2F032648c6-088a-426d-974e-79ec6f50f955%2Ff8ifubo_processed.jpeg&w=3840&q=75)
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
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