Question: 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

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. Thornton expects sales in January year 1 to total $270,000 and to increase 15 percent per month in February and

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. Thornton 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. Thornton expects to collect 67 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 11 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 Thornton 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. Sales Budget January February March Sales on account Required A Required B > a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Thornton 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 Determine the amount of sales revenue Thornton will report on the year 1 first quarterly pro forma income statement. Sales revenue Required A Required B Required C Required D 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.) January February March Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total Required A Required B Required C Required D 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

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