Question: Jordan Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the

Jordan Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Jordan expects sales in January 2019 to total $370,000 and to increase 15 percent per month in February and March. All sales are on account. Jordan expects to collect 65 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 13 percent in the second month following the sale.

Required

Prepare a sales budget for the first quarter of 2019.

Determine the amount of sales revenue Jordan will report on the first 2019 quarterly pro forma income statement.

Prepare a cash receipts schedule for the first quarter of 2019.

Determine the amount of accounts receivable as of March 31, 2019.

Prepare a cash receipts schedule for the first quarter of 2019. (Do not round intermediate calculations.)

Schedule of Cash Receipts	January	February	March
Receipts from January sales	$240,500
Receipts from February sales
Receipts from March sales
Total	$240,500	$0	$0

Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate calculations.)

Accounts receivable

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