Question: Munoz Pointers Corporation expects to begin operations on January 1 , year t, it will operate as a specialty sales company that selle laser pointers

laser pointers over the Internet. Munoz expects sales in January year i

to total $230,000 and to increase 20 percent per month in February

and March. Alisales are on account Minoz expects to colfect 70 percent

Munoz Pointers Corporation expects to begin operations on January 1 , year t, it will operate as a specialty sales company that selle laser pointers over the Internet. Munoz expects sales in January year i to total $230,000 and to increase 20 percent per month in February and March. Alisales are on account Minoz expects to colfect 70 percent of accounts recelvable in the month of safe, 22 percent in the month following the sale, and 8 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 at cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts recelvable as of March 3t, year 1. Prepare a sales budget for the first quarter of year 1 . Complete this question by entering your answers in the tabs below. 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. (Do not round intermediate calculations, Round your final answers to the nearest whole dolfar.) Complete this question by entering your answers in the tabs below. Determine the amount of accounts recelvable as of March 31, year 1. (Do not round intermediate caiculations. Round your nnal answers to the nearent whole doltar.) Munoz Pointers Corporation expects to begin operations on January 1 , year t, it will operate as a specialty sales company that selle laser pointers over the Internet. Munoz expects sales in January year i to total $230,000 and to increase 20 percent per month in February and March. Alisales are on account Minoz expects to colfect 70 percent of accounts recelvable in the month of safe, 22 percent in the month following the sale, and 8 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 at cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts recelvable as of March 3t, year 1. Prepare a sales budget for the first quarter of year 1 . Complete this question by entering your answers in the tabs below. 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. (Do not round intermediate calculations, Round your final answers to the nearest whole dolfar.) Complete this question by entering your answers in the tabs below. Determine the amount of accounts recelvable as of March 31, year 1. (Do not round intermediate caiculations. Round your nnal answers to the nearent whole doltar.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Preparing a sales budget and schedule of cash receipts McCarty Pointers Corporation expects to begin operations on January 1, 2012; it will operate as a specialty sales company that sells laser...

McCarty Pointers Corporation expects to begin operations on January 1, 2012; it will operate as a specialty sales company that sells laser pointers over the Internet. McCarty expects sales in January...

Spalding 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. Spalding expects sales in...

Preparing a sales budget and schedule of cash receipts Melburn Pointers Corporation expects to begin operations on January 1, 2008; it will operate as a specialty sales company that sells laser...

Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a specialty sales company that sells laser pointers over the Internet. Sutton expects sales in January...

4 2 points eBook Print Thornton 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....

Walton 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. Walton expects sales in January...

Benson 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. Benson expects sales in January...

Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 Vernon Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales...

Dad Jokes for Fat Turn up your work Now and keep you Franklin Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser...

Were the defendants holders in due course? As manager of the import/export department at Avon Products, Stratford Skalkos had authority to requisition checks up to $25,000 on his signature alone. For...

Debbie and Stuart were married approximately 1 year ago. Debbie is a citizen of the United States and Stuart is a citizen of Canada. They are currently residing in Indianapolis, Indiana in the United...

All of the following types of accounts are covered by Federal Deposit Insurance Corporation ( FDIC ) insurance except A ) money market mutual funds. B ) checking accounts. C ) certificates of...

A random sample of 43 biology students in a science program are selected for a study. Of those selected, only 27 passed the mid term exam. At the 5% significance level, is there sufficient evidence...

2. What efforts are countries making to reverse the brain drain?

3. Explain the process of job evaluation and comment on how a points rating job evaluation scheme can contribute to perceptions of fairness from the point of view of employees.

3. In your view what are the ethical considerations when employing talented people from a third-world country?