question archive Q2) The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Sales:  $840 Q2 $780 Q3 $950 Q4 $870 a

Q2) The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Sales:  $840 Q2 $780 Q3 $950 Q4 $870 a

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Q2) The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year:

Q1 Sales:  $840

Q2 $780

Q3 $950

Q4 $870

a.     Accounts receivable at the beginning of the year are $340. Morning Jolt has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following:

 

                                                 Q1                            Q2                              Q3                   Q4

Beginning receivables

Sales

Cash collections

Ending receivables

b. Rework (a) assuming a collection period of 60 days

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