Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a...

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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 2015 to total $340,000 and to increase 20 percent per month in February and March. All sales are on account. Sutton expects to collect 69 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 10 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of 2015. Sales Budget January February March Sales on account 340,000S 408.000S 489.600 b. Determine the amount of sales revenue Sutton will report on the first 2015 quarterly pro forma income statement. Sales revenue $ 1,237,600 c. Prepare a cash receipts schedule for the first quarter of 2015. (Do not round intermediete calculations. Round your answers to the nearest whole dollar amount.) Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales Receipts from March sales 234,600S < Prev 2 of 7 search Sales revenue $ 1,237,600 c. Prepare a cash receipts schedule for the first quarter of 2015. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales 234,600 S Receipts from March sales Total 234,600 S d. Determine the amount of accounts receivable as of March 31, 2015. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Accounts receivable < Prev search 立 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 2015 to total $340,000 and to increase 20 percent per month in February and March. All sales are on account. Sutton expects to collect 69 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 10 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of 2015. Sales Budget January February March Sales on account 340,000S 408.000S 489.600 b. Determine the amount of sales revenue Sutton will report on the first 2015 quarterly pro forma income statement. Sales revenue $ 1,237,600 c. Prepare a cash receipts schedule for the first quarter of 2015. (Do not round intermediete calculations. Round your answers to the nearest whole dollar amount.) Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales Receipts from March sales 234,600S < Prev 2 of 7 search Sales revenue $ 1,237,600 c. Prepare a cash receipts schedule for the first quarter of 2015. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales 234,600 S Receipts from March sales Total 234,600 S d. Determine the amount of accounts receivable as of March 31, 2015. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Accounts receivable < Prev search 立

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