Munoz 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. Munoz expects sales in January year $1$ to total $$270,000$ and to increase $15$ percent per month in February and March. All sales are on account. Munoz expects to collect $69$ percent of accounts receivable in the month of sale, $24$ percent in the month following the sale, and $7$ percent in the second month following the sale.

Required

Prepare a sales budget for the first quarter of year $1.$

Determine the amount of sales revenue Munoz will report on the year $1$ first quarterly pro forma income statement.

Prepare a cash receipts schedule for the first quarter of year $1.$

Determine the amount of accounts receivable as of March $31,$ year $1.$Munoz 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. Munoz expects sales in January year $1$ to total $$270,000$ and to increase $15$ percent per

month in February and March. All sales are on account. Munoz expects to collect $69$ percent of accounts receivable in the

month of sale, $24$ percent in the month following the sale, and $7$ percent in the second month following the sale.

Required

a$.$ Prepare a sales budget for the first quarter of year $1.$

b$.$ Determine the amount of sales revenue Munoz 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 $1.$

Complete this question by entering your answers in the tabs below.

Determine the amount of accounts receivable as of March $31,$ year $1.($Do not round intermediate calculations. Round your

final answers to the nearest whole dollar.$)$

Accounts receivable