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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year 01 Sales $ 210 02 $ 270 Beginning receivables Sales Cash collections Ending receivables a. Accounts receivable at the beginning of the year are $480. 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. $ $ Beginning receivables s Sales Cash collections Ending receivables Beginning receivables 03. Cash collections Ending receivables 330 Q1 01 of $ 490 01 480$ 210 585 105 $ 480 210 Answer is complete and correct. b. Accounts receivable at the beginning of the year are $480. 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. 480 210 02 105 $ 270 240 135S 03 270 Answer is not complete. 02 135$ 330 300 165 S 03 270 330 c. Accounts receivable at the beginning of the year are $480. 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. Answer is not complete. Q2 03 04 330 04 165 480 405- 240-> 24 480 480

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year 01 Sales $ 210 02 $ 270 Beginning receivables Sales Cash collections Ending receivables a. Accounts receivable at the beginning of the year are $480. 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. $ $ Beginning receivables s Sales Cash collections Ending receivables Beginning receivables 03. Cash collections Ending receivables 330 Q1 01 of $ 490 01 480$ 210 585 105 $ 480 210 Answer is complete and correct. b. Accounts receivable at the beginning of the year are $480. 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. 480 210 02 105 $ 270 240 135S 03 270 Answer is not complete. 02 135$ 330 300 165 S 03 270 330 c. Accounts receivable at the beginning of the year are $480. 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. Answer is not complete. Q2 03 04 330 04 165 480 405- 240-> 24 480 480

FINANCIAL ACCOUNTING
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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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. 04 $480 Sales 01 $ 210 02 $ 270 a. Accounts receivable at the beginning of the year are $480. 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. Beginning receivables Sales Cash collections Ending receivables $ Beginning receivables S Sales Cash collections Ending receivables 03 $ 330 Beginning receivables Sales Cash collections Ending receivables Q1 S Q1 480 210 585 105 $ 01 Answer is complete and correct. 480 210 $ 00 480 210 Q2 105 $ 270 b. Accounts receivable at the beginning of the year are $480. 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. 240 135 $ 03 270 Answer is not complete. 02 Q3 135 330 300 165 $ 270 330 $ c. Accounts receivable at the beginning of the year are $480. 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. Answer is not complete. Q2 03 Q4 330 04 165 480 405 240 Q4 480 480
Transcribed Image Text:The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year. 04 $480 Sales 01 $ 210 02 $ 270 a. Accounts receivable at the beginning of the year are $480. 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. Beginning receivables Sales Cash collections Ending receivables $ Beginning receivables S Sales Cash collections Ending receivables 03 $ 330 Beginning receivables Sales Cash collections Ending receivables Q1 S Q1 480 210 585 105 $ 01 Answer is complete and correct. 480 210 $ 00 480 210 Q2 105 $ 270 b. Accounts receivable at the beginning of the year are $480. 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. 240 135 $ 03 270 Answer is not complete. 02 Q3 135 330 300 165 $ 270 330 $ c. Accounts receivable at the beginning of the year are $480. 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. Answer is not complete. Q2 03 Q4 330 04 165 480 405 240 Q4 480 480
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