The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:     Q1 Q2 Q3 Q4 Sales $ 750 $ 810 $ 890 $ 980   Accounts receivable at the beginning of the year are $335. The company has a 45-day collection period.    a. Calculate cash collections in each of the four quarters by completing the following:         Q1 Q2 Q3 Q4 Beginning receivables         Sales 750.00 810.00 890.00 980.00 Cash collections

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 10EA: Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in...
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The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:

 

  Q1 Q2 Q3 Q4
Sales $ 750 $ 810 $ 890 $ 980

 

Accounts receivable at the beginning of the year are $335. The company has a 45-day collection period.

  

a. Calculate cash collections in each of the four quarters by completing the following:

 

 
 
  Q1 Q2 Q3 Q4
Beginning receivables        
Sales 750.00 810.00 890.00 980.00
Cash collections        
Ending receivables        
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