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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 720 Q2 $ 750 Q3 $ 810 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. Q1 Q4 $ 960 720 Q2 750 Q3 810 Q4 960

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 720 Q2 $ 750 Q3 $ 810 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. Q1 Q4 $ 960 720 Q2 750 Q3 810 Q4 960

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 50BE: Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...
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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 720 Q2 $ 750 Q3 $ 810 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. Q1 Q4 $ 960 720 Q2 750 Q3 810 Q4 960
Transcribed Image Text:The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 720 Q2 $ 750 Q3 $ 810 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. Q1 Q4 $ 960 720 Q2 750 Q3 810 Q4 960
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. Beginning receivables Sales Cash collections Ending receivables Q1 Beginning receivables Sales Cash collections Ending receivables 720 Q1 Q2 720 750 Q2 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. Q3 750 810 Q3 Q4 810 960 Q4 960
Transcribed Image Text: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. Beginning receivables Sales Cash collections Ending receivables Q1 Beginning receivables Sales Cash collections Ending receivables 720 Q1 Q2 720 750 Q2 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. Q3 750 810 Q3 Q4 810 960 Q4 960
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