Problem 18-5 Calculating Cash Collections [LO3]The Morning Jolt Coffee Company has projected the following quarterly sales amountsfor the coming year:Q1 Q2 Q3 Q4Sales $800 $830 $910 $990a. Accounts receivable at the beginning of the year are $390. The company has a 45-day collection period. Calculate cash collections in each of the four quarters bycompleting the following: (A negative answer should be indicated by a minussign. Do not round intermediate calculations and round your answers to 2 decimalplaces, e.g., 32.16.)Beginning receivables $SalesCash collectionsEnding receivables$Q1390.00 $800.00400.00$Answer is not complete.Q2Q3400.00 $830.00415.00415.00 $910.00455.00$Q4455.00990.00495.00 b. Recalculate the cash collections with a collection period of 60 days. (A negativeanswer should be indicated by a minus sign. Do not round intermediatecalculations and round your answers to 2 decimal places, e.g., 32.16.)Beginning receivables $SalesCash collectionsEnding receivablesBeginning receivablesSalesCash collectionsEnding receivables$Q1$390.00800.00Q1c. Recalculate the cash collections with a collection period of 30 days. (A negativeanswer should be indicated by a minus sign. Do not round intermediatecalculations and round your answers to 2 decimal places, e.g., 32.16.)390.00800.00$Answer is not complete.Q3266.67 $Q2830.00Q2Answer is not complete.Q3$266.67 S830.00910.00276.67$276.67 $910.00303.33 SQ4Q4303.33990.00330.00990.00

The process of cash collecting is within the purview of the Accounts Receivable department. It…

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $800 $830 $910 $990 a. Accounts receivable at the beginning of the year are $390. 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.)

The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $800 $830 $910 $990 a. Accounts receivable at the beginning of the year are $390. 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.)

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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