Problem $14-17$A $($Algo$)$ Preparing a sales budget and schedule of cash receipts LO $14-2$

Vernon 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. Vernon expects sales in January year $1$ to total $$280,000$ and to increase $10$ percent per month in February and March. All sales are on account. Vernon 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 Vernon 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.

Required $A$

Required B

Required C

Required D

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

$\backslash$table$[[$Sales Budget$],[$Sales on account$]]$

January

February

March

Sales on account