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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: 04 $ 980 01 $ 750 Beginning receivables Sales Cash collections Ending receivables Sales a. Accounts receivable at the beginning of the year are $335. 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. 02 $ 810 Beginning receivables Sales Cash collections Ending receivables S Beginning receivables Sales Cash collections Ending receivables S Q1 S Q3 $ 890 Q1 335 750 Q1 b. Accounts receivable at the beginning of the year are $335. 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. 335 750 Q2 335 750 Q2 810 Q2 810 Q3 810 Q3 890 c. Accounts receivable at the beginning of the year are $335. 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. Q3 890 Q4 890 Q4 980 Q4 980 980

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: 04 $ 980 01 $ 750 Beginning receivables Sales Cash collections Ending receivables Sales a. Accounts receivable at the beginning of the year are $335. 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. 02 $ 810 Beginning receivables Sales Cash collections Ending receivables S Beginning receivables Sales Cash collections Ending receivables S Q1 S Q3 $ 890 Q1 335 750 Q1 b. Accounts receivable at the beginning of the year are $335. 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. 335 750 Q2 335 750 Q2 810 Q2 810 Q3 810 Q3 890 c. Accounts receivable at the beginning of the year are $335. 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. Q3 890 Q4 890 Q4 980 Q4 980 980

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: Projected Quarterly Sales and Cash Collections** The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: | | Q1 | Q2 | Q3 | Q4 | |-----|------|------|------|------| | **Sales** | $750 | $810 | $890 | $980 | ### Cash Collection Calculations **a. 45-Day Collection Period** Given that the accounts receivable at the beginning of the year are $335, with a 45-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Receivables | | | | | **b. 60-Day Collection Period** With a 60-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Receivables | | | | | **c. 30-Day Collection Period** With a 30-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Rece
Transcribed Image Text:**The Morning Jolt Coffee Company: Projected Quarterly Sales and Cash Collections** The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: | | Q1 | Q2 | Q3 | Q4 | |-----|------|------|------|------| | **Sales** | $750 | $810 | $890 | $980 | ### Cash Collection Calculations **a. 45-Day Collection Period** Given that the accounts receivable at the beginning of the year are $335, with a 45-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Receivables | | | | | **b. 60-Day Collection Period** With a 60-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Receivables | | | | | **c. 30-Day Collection Period** With a 30-day collection period, calculate the cash collections for each quarter: Note: Do not round intermediate calculations, and round your answers to the nearest whole number, e.g., 32. | | Q1 | Q2 | Q3 | Q4 | |----------------|-----|-----|-----|-----| | Beginning Receivables | $335 | | | | | Sales | 750 | 810 | 890 | 980 | | Cash Collections | | | | | | Ending Rece
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