The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $850 $880 $960 $1,040 a. Accounts receivable at the beginning of the year are $365. 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. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2 Beginning receivables $ Sales 365.00 850.00 Cash collections Ending receivables 880.00 Q3 960.00 Q4 1,040.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Beginning receivables Sales Cash collections Ending receivables 850.00 Q2 880.00 Q3 960.00 Q4 1,040.00 c. Recalculate the cash collections with a period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables Q1 850.00 Q2 880.00 Q3 960.00 Q4 1,040.00
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $850 $880 $960 $1,040 a. Accounts receivable at the beginning of the year are $365. 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. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.): Q1 Q2 Beginning receivables $ Sales 365.00 850.00 Cash collections Ending receivables 880.00 Q3 960.00 Q4 1,040.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q1 Beginning receivables Sales Cash collections Ending receivables 850.00 Q2 880.00 Q3 960.00 Q4 1,040.00 c. Recalculate the cash collections with a period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables Q1 850.00 Q2 880.00 Q3 960.00 Q4 1,040.00
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:The Morning Jolt Coffee Company has projected the following quarterly sales amounts
for the coming year:
Q1
Q2
Q3
Q4
Sales $850 $880 $960 $1,040
a. Accounts receivable at the beginning of the year are $365. 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.
Do not round intermediate calculations and round your answers to 2 decimal
places, e.g., 32.16.):
Q1
Q2
Beginning receivables
$
Sales
365.00
850.00
Cash collections
Ending receivables
880.00
Q3
960.00
Q4
1,040.00
b. Recalculate the cash collections with a collection period of 60 days. (A negative
answer should be indicated by a minus sign. Do not round intermediate
calculations and round your answers to 2 decimal places, e.g., 32.16.)
Q1
Beginning receivables
Sales
Cash collections
Ending receivables
850.00
Q2
880.00
Q3
960.00
Q4
1,040.00
Transcribed Image Text:c. Recalculate the cash collections with a period of 30 days. (A negative answer should
be indicated by a minus sign. Do not round intermediate calculations and round
your answers to 2 decimal places, e.g., 32.16.)
Beginning receivables
Sales
Cash collections
Ending receivables
Q1
850.00
Q2
880.00
Q3
960.00
Q4
1,040.00
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