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Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 72 Fanning 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. Fanning expects sales in January year 1 to total $210,000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 66 percent of accounts receivable in the month of sale. 22 percent in the month following the sale, and 12 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 Fanning 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 recelvable as of March 31 , year 1. Complete this question by entering your answers in the tabs below. Prepare a sales budget for the first quarter of year 1. Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 Fanning 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. Fanning expects sales in January year 1 to total $210.000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 66 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 12 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 Fanning 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 ales revenue Fanning will report on the year 1 first quarterly pro forma income statement. Fanning 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. Fanning expects sales in January year 1 to total $210,000 and to increase 15 percent per month in pebruary and March. All sales are on account. Fanning expects to collect 66 percent of accounts receivable in the month of sale, 22 Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Fanning 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 3 , year 1 . Complete this question by entering your answers in the tabs below. 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 dollar.) Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 Fanning 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. Fanning expects sales in January year 1 to total $210,000 and to increase 15 percent per month in Februaty and March. All sales are on account. Farning expects to collect 66 percent of accounts recelvable in the month of saie, 22 percent in the month following the sale, and 12 percent in the second month following the sale Required a. Prepare a sales budget for the first quatter of year 1 . b. Determine the amount of sales revenue Fanning will report on the year 1 first quarterly pro forma income statement c. Prepare a cash receipts schedule for the first quater 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 tatis below. finat anowars ta the aadest whole dotios