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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

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 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
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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