The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year 01 4.330 02 $350 Sales a. Accounts receivable at the beginning of the year are $360. 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 Sales Cash collections Ending receivables 03 $450 $400 Beginning receivables Sales Cash collections Ending receivables S 01 01 300 330 01 b. Accounts receivable at the beginning of the year are $360. 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. 330 02 330 03 300 02 390 01 390 01 c. Accounts receivable at the beginning of the year are $360. 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. 450 03 04 450 04 600 04 600 600
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year 01 4.330 02 $350 Sales a. Accounts receivable at the beginning of the year are $360. 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 Sales Cash collections Ending receivables 03 $450 $400 Beginning receivables Sales Cash collections Ending receivables S 01 01 300 330 01 b. Accounts receivable at the beginning of the year are $360. 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. 330 02 330 03 300 02 390 01 390 01 c. Accounts receivable at the beginning of the year are $360. 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. 450 03 04 450 04 600 04 600 600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year
01
02
04
Sales # 330
$390
a. Accounts receivable at the beginning of the year are $360. 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
03
$450
Beginning receivables
Sales
Cash collections
Ending receivables
S
Beginning receivables
Sales
Cash collections
Ending receivables
01
01
300
330
01
330
b. Accounts receivable at the beginning of the year are $360. 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.
02
330
02
390
Q²
390
03
350
03
450
03
c. Accounts receivable at the beginning of the year are $360. 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.
450
04
04
450
600
04
600
600
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