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
Subject:AccountingPrice: Bought3
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