Help Save & Exit Submit Check my work Spalding Pointers Corporation expects to begin operations on January 1 year 1 it will operate as a specialty sales company that sells laser pointers over the Internet. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month in February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. 10 points Required Book a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Spalding will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1 d. Determine the amount of accounts receivable as of March 31, year 1. References Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, year 1. Accounts receivable Mc 7 of 5 i Next > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of sales revenue Spalding will report on the year 1 first quarterly pro forma income statement. Sales revenue compete this question by entering your answers in the tabs below. Required A Required B Required Required D Boo Prepare a cash receipts schedule for the first quarter of year 1. January February March Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total $ 0 $ 0 $ 0 Required B Required D >