Thornton Pointers Corporation expects to start operations on January 1, 2019; will operate as a specialized sales company that sells laser pointers over the Internet. Thornton expects January 2019 sales to total $330,000 and increase 15 percent per month in February and March. All sales are on account. Thornton expects to collect 68 percent of the accounts receivable in the month of the sale, 21 percent in the month after the sale, and 11 percent in the second month after the sale. Required Prepare a sales budget for the first quarter of 2019. Determine the amount of sales revenue that Thornton will report in the first quarterly pro forma 2019 income statement. Prepare a schedule of cash receipts for the first quarter of 2019.

Prepare a sales budget for the first quarter of 2019.

sales budget	January	February	March
sales on account

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Required A

B required

Defendant C

D required

Determine the amount of sales revenue that Thornton will report in the first 2019 pro forma quarterly income statement.

sales revenue

=

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Required A

B required

Defendant C

D required

Prepare a schedule of cash receipts for the first quarter of 2019. (Do not round intermediate calculations.)

cash receipts calendar	January	February	March
January sales receipts
February sales receipts
March sales receipts
Total

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Required A

B required

Defendant C

D required

Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate calculations.)

accounts receivable

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