Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Baird Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Baird Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Baird expects sales in January 2019 to total $290,000 and to increase 20 percent per month in February and March. All sales are on account. Baird expects to collect 68 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 12 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of 2019 b. Determine the amount of sales revenue Baird will report on the first 2019 quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of 2019 d. Determine the amount of accounts receivable as of March 31, 2019. Complete this question by entering your answers in the tabs below Required A Required BRequired C Required D Prepare a sales budget for the first quarter of 2019 Sales Budget January February March Sales on account Complete this question by entering your answers in the tabs below Required ARequired B Required C Required D Determine the amount of sales revenue Baird will report on the first 2019 quarterly pro forma income statement. Sales revenue Required A Required C> Complete this question by entering your answers in the tabs below. Required A Required B Required CRequired D Prepare a cash receipts schedule for the first quarter of 2019. (Do not round intermediate calculations.) February March Schedule of Cash Receipts Receipts from January sales Receipts from February sale:s Receipts from March sales Total January KRequired B Required D> Complete this question by entering your answers in the tabs below. Required A Required BRequired C Required D Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate calculations.) Accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Guide To Hipaa Auditing Practical Tools And Tips To Ensure Compliance

Authors: Margret Amatayakul

1st Edition

1578393582, 978-1578393589

More Books

Students also viewed these Accounting questions