4 Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 20 Doints os Stuart Pointers Corporation expects to begin operations on January 1 yeart it will operate as a specialty sales company that sells laser pointers over the Internet. Stuart expects sales in January year 1 to total $240,000 and to increase 10 percent per month in February and March. All sales are on account. Stuart 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 , b. Determine the amount of sales revenue Stuart will report on the year 1first quarterly pro forma income statement c. Prepare a cash receipts schedule for the first quarter of yeart d. Determine the amount of accounts receivable as of March 31, year 1 Teferences Complete this question by entering your answers in the tabs below. Required A Required Required Required Prepare a cash receipts schedule for the first quarter of year 1. (Do not found intermediate calculations. Round your final answers to the nearest whole dolar) Schedule of Cash Recipts January February Receipts from January $ 165,6001 s 57.600 s 1600 Receipts from February salos Receipts from March sales MC Grow Hall La tact Event.pdf LO 8 E R. T S G 4 Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Stuart 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. 20 points sok Complete this question by entering your answers in the tabs below. Pent Reces Required A Required Required Required D Prepare a cash receipts schedule for the first quarter of year 1. (Do not round intermediate calculations Rood Your Final answers to the nearest whole dollar) Schedule of Cash Receipts January February Mech Receipts from January sales $ 165.500 5 57.000 s 16800 Receipts from February sales Receipts from March Sales Total $ 165 600 S 57000 5 16,800 Mc Graw 16 otaract Event- od 6 E R S D F